The company has already produced 297,211 barrels of oil for the first three quarters of the 2007-08 financial year and expects the Parsons oil field, which is expected to come on stream in May, to further increase oil production volumes for the June quarter.

Cooper had originally estimated oil production for 2007-08 to be 300,000bbl.

The company also said the higher production, along with continuing buoyant oil prices, was expected to result in record revenues for the year. Revenue for the quarter was $12 million.

However, Cooper will write off about $11 million associated with the planning and drilling of the Kurnia-1 exploration well in the South Madura production-sharing contract in Indonesia.

Kurnia-1 had encountered 350m of gas shows during drilling but the lack of a sustained production test and subsequent interpretation of data obtained in the well indicated it had limited volume potential.

The company is shooting 246km of 2D seismic to the west of Madura Island to mature leads and prospects for drilling in 2009.

Cooper also said the Transworld-operated Seruway PSC joint venture had completed a 1400km 2D seismic survey over the Ibn Horst off North Sumatra.

The survey is expected to delineate several leads, prospects and fields for drilling in 2009.

Meanwhile, the company said the Beach-operated PEL 92 JV has approved and started the acquisition of 119km of 2D seismic and 196 square kilometres of 3D seismic over the permit.

The seismic is aimed at identifying drilling targets to the west of the Parsons, Callawonga and Christies oil fields with the hope of drilling viable targets in late 2008 or early 2009.

Cooper added construction of the 5000 barrel per day capacity pipeline from Callawonga to Tantanna in the Cooper Basin is progressing. Tie-in and commissioning are expected to be completed in May.