Stuart said its share of crude oil produced and sold in the first nine months of this fiscal year is 606,100 barrels with April’s figure likely to exceed 90,000 barrels.

“As a result, it is now appropriate to raise the production forecast of this financial year to between 800,000 and 850,000 barrels,” said managing director Tino Guglielmo. It is the third time this fiscal year that Stuart has increased production guidance.

The company said it was now looking at an EBITDAX (earnings before interest, tax, depletion, depreciation, amortisation, and exploration write-downs) in excess of $20 million for this fiscal year – which would be a record for Stuart.

Stuart’s share of production totalled a record 296,600 barrels for the quarter a 161% increase over the previous corresponding period. Quarterly revenues increased 206% to a total of $16.2 million or some A$54.61 per barrel after hedging.