"Our preliminary assessment of current and future oil output from the Cooper-Eromanga basin points to still further significant growth in reserves and production," Beach managing director Reg Nelson said.

"Beach is upbeat about the province. We added 4.9 million barrels of oil during the year and at a highly competitive finding and development cost of $22 per barrel.

"The latest full year performance reflects the fact our oil production and reserves for the region has economically grown for the past four years on a year-on-year basis and is expected to do so for at least another two to three years."

The company also expects production from the Parsons oil field to propel its onshore oil output for the new financial year.

The Parsons-1 well, which began producing this month, has averaged gross production of about 1600 barrels per day with initial volumes trucked to Tantanna, Beach said.

According to Nelson, the company is also forecasting significant growth in its coal seam methane reserves at Tipton West in Queensland's Surat Basin for the next financial year.

He said Beach had been advised by operator Arrow Energy that a reserves review is currently being finalised for Tipton West and a substantial increase in 2P reserves was likely within the coming September quarter.

"Activity at Tipton West this year has increased our confidence in the reserve base and highlighted potential of the Taroom Coal Measures, which underlie the producing (Juandah) section in the Tipton field," Nelson said.

"This has implications not only for reserve potential of Tipton West (the current reserve base does not include Taroom reserves), but also for longer-term development costs.

"Future development wells may produce co-mingled outputs from the Juandah/Taroom, resulting in greater flow rates and reserves per well and lower development costs."