Drillsearch posts record sales, production
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Oil and gas producer Drillsearch has forecast more growth this year after generating a record $99 million in revenue in fiscal 2013 on the back of its new operating oil pipeline in the Cooper Basin.
The newly installed Bauer to Lycium oil pipeline in the Cooper Basin's western flank was producing 10,000 barrels of oil a day by the end of the fiscal year, the company said in a statement.
The record sales revenue came after a record June quarter including 600,000 barrels of oil equivalent and $50.7 million in sales revenue.
Drillsearch achieved 1.1 million barrels of oil equivalent for the 12 months to June 30 and said it was targeting additional growth this year, but will not provide guidance until next month's earnings report.
Increases in oil and gas production were driven by the completion and commissioning of the pipeline re-starting of production at the Western Cooper Wet Gas Project.
Drillsearch struck a joint venture deal with oil and gas major Santos for the wet gas project earlier this month (see Tim Treadgold's Gas price rises, share prices rocket).
Santos committed $120 million in development costs for a 60% share in Drillsearch's Western Cooper wet gas project in South Australia, including a gas off-take agreement.
The company's shares were 2% down at $1.23 at 1420 AEST.
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