It told the ASX Wednesday that its record production of 865,000 boe of oil and gas, coupled with record revenue of A$46 million (previous A$32 million for December 2003 quarter) meant it was on-track for another record year in 2004.

The 865,000 boe surpassed the previous record of 820,000 boe last December, with increased Harriet Joint Venture production from Monet-2 and a solid Woollybutt performance. Harriett averaged 24,500 bopd (gross), while Woollybutt averaged 27,435 bopd (gross).

While the Harriet JV (12.22% Tap interest) expected to average only 13,000 bopd (gross) next quarter, further production increases were predicted from the 12 new wells scheduled for 2005.

Woollybutt (Tap 15%) production next quarter was expected to average 23,000 bopd for the next quarter, with Woollybutt-4, scheduled to be drilled in December in the south of the field, and two west wells early 2005 offering potential for increased production.

Tap’s first commercial kiwi production - the onshore Taranaki Kahili gas-condensate field started flowing in late August and averaged 3TJ/D, below expectations. Tap (30%) was working with operator Austral Pacific Energy to review production options and improve deliverability.