In the last three months the company executed agreements for the purchase of a series of assets in the Perth Basin, completed a placement and secured underwriting for a rights issue to raise over $13.0 million, which managing director John Begg said should be the last capital raising for quite a while.

Following this raising Begg said the company will have all the equity funds it needs to meet its share of two oil field developments (Cliff Head and Jingemia) and carry out budgeted exploration programs, becoming self-sufficient from the Cliff Head cash flow by late 2005.

Voyager also acquired a 4.73% interest in EP 413, a 10% interest in TP/15 and a 10% interest in EP 368 for a total of $3.23 million from Arc Energy. A 1% interest in WA-286-P (Cliff Head) was acquired from Wandoo Petroleum as part of a cash and asset swap transaction.

Voyager now holds 6% of the WA-286-P/Cliff Head field, where final reports relating to Front End Engineering and Design (FEED) for the Cliff Head project are due to be presented to the joint venture at meetings in early May.

The next phase of the development expected to be completed in the June quarter will be letting of tenders and subsequent award of contracts for Engineering, Procurement, Installation and Commissioning (EPIC) of the field.

Importantly for the future of the company, once Cliff Head is in production, Voyager will be able to offset much of its offshore exploration costs against the Petroleum Resource Rent Tax (PRRT) liabilities generated by the project.

The acquisition of Arc’s interests in EP 413 (Jingemia) has pushed the Voyager’s stake to 11%, just as a third extended production test (EPT), which began in February with oil rates increased to approximately 2,100 bopd.

The Jingemia-4 well also began drilling in April and is expected to be brought onstream as a second oil producer during the next quarter with gross production reaching up to 4,000 bopd.

Perhaps the most exciting prospect in the company’s future will be the drilling of the Fiddich prospect in the offshore Perth Basin, which is a relatively simple tilted fault block structure with reserves potential of up to 100 million barrels of oil.

Voyager exploration director Ray Barnes said good quality 3D seismic had given the joint venture partners confidence in the integrity of the structure, one of the key stepping stones, and now it was down to securing a drill rig for the deepwater prospect.

The company will have a 10% interest in the project but will fund 15% of drilling costs (around $900,000) after completing a farmin deal with Dana Petroleum and assignment of part of that deal to Wandoo Petroleum.

“Financially we have no problem covering the deal, especially as the prospect provides such a strong opportunity for us. A commercial success here could really make a difference,” said Barnes.