The increased production, of which 160,000 cubic feet is net to the company, resulted from one of the most recently drilled wells, Pritchard-5, producing at a stabilised rate of 90,000cfd.

Managing director Greg Channon said this was a significant result for the Home Run project.

“With this rate, Alto has shown that by optimising the completion and frac process over multiple prospective zones, improved commercial rates are being achieved,” he said.

Pritchard-5 was the first well that Alto completed in all its prospective zones, both conventional and unconventional.

“We still have further wells to put into production in this program and further zones to bring into production from the wells already in line,” Channon said.

Under its farm-in agreement with US-based operator Hay Exploration, Alto gained access to four existing well bores for fracture stimulation at the Devonian Shale level.

The deal also involves drilling five wells in the Home Run project, to be followed by an optional further five-well program.

Alto is funding 100% of the four-well completions and the potential 10-well drilling program to earn 50% revenue from the existing wells and 75% of the revenue from the newly drilled wells.

The Perth-based company will then have a 50% working interest in all subsequent wells within a 20,000 acre area.