The Tap profit came on the back of an 84% rise in liquid production, which saw revenue climb to $40.48 million despite the average oil price being $43 a barrel, down from $55 per barrel on last year. The result also included a $1.4 million after-tax write-off of exploration expenditure.

"It was another year of exploration success and rapid conversion of discoveries into producing fields," Tap said. "The next year looks equally promising as the recently completed developments at Simpson, South Plato and Gibson will make a full contribution to earnings.

"The recent South Simpson oil discovery should be on stream within the next few weeks and later in the year further contributions are expected from the development of the Woollybutt, Little Sandy, Pedirka, Victoria and Double Island oil fields."

Tap said during the year it spent around $24 million on the new Harriet oil developments, an upgrade of processing facilities on Varanus Island and the start of the Woollybutt oil field development. It also spent about $15 million during the year on exploration with five new oil discoveries being booked in the Simpson area from this program.

During the year Tap lifted its stake in the Woollybutt joint venture from 10% to 15% at a cost of $6 million and said production is expected to start early next year at a rate of 35,000 barrels of oil per day.

Tap shares closed 1c higher at $1.54 on Friday. Tap is a 12.3% partner in the Harriet Joint Venture in WA's Carnarvon Basin with operator Apache Energy.