Beach said in the three months to 30 September, it had sold 212,871 barrels of oil equivalent (boe) compared to 47,000 boe in the same period last year, a 350% increase. This generated income of $7.72 million compared to $2.3 million recorded in corresponding period last year, an increase of 230%.

Beach Petroleum's managing director, Reg Nelson, put the result down to the company's decision to acquire full-ownership of the producing Bodalla oilfields. However, he said Beach was keen to achieve stronger performance from other areas.

"For instance, we are most enthusiastic about our progress in the Cooper and Otway Basins.

"To that end, we have today announced a seven-well drilling program for our Cooper Basin interests in South Australia."

Mr Nelson said that the company expected that all of the eight wells will be drilled by the end of the current financial year, giving the company an average of one well to be drilled per month.