“The 76% uplift in the first half profit result was a strong result, overcoming the influence of an exploration write down of $690,000, the first ever provision for income tax expense of $754,000 and the impact of the hedging program prior to the recent strong production performance,” said managing director Tino Guglielmo.

Stuart recently completed the first phase of its development and production enhancement program, which has resulted in four months of record production. It recently forecast production for this financial year to reach 750,000 barrels, with about 450,000 barrels forecast to be produced in the second half of this financial year compared to hedged volumes totalling 270,000 barrels.

“This forecast production increase in combination with high oil prices will increase the company’s profitability markedly in the second half year,” Guglielmo said.