However, while Cooper’s oil sales were down 15% on the previous quarter to A$7.3 million, Stuart boosted its revenue 51.1% to $13.3 million.
Cooper also boosted its proved reserves by 11.6% to 1.13 million barrels, after further developing the Christies and Sellicks oil fields, it said.
Looking forward, the company has planned an “aggressive” 10-well exploration and development program in the first half of 2006. These wells will target more than 200 million barrels of undiscovered oil reserves, with the second well in the Cooper Basin, Strickland Bay-1, currently underway.
Cooper Energy CEO, Michael Scott, said continuing high oil prices, good production volumes, prudent cash flow management and an aggressive business strategy meant the company was looking forward to strong growth.
“Cooper Energy has a very exciting program of exploration and development wells underway, both in the Cooper Basin and, later in the year, at our exciting South Madura Prospect in Indonesia,” Scott said.
“This portfolio of opportunities provides immediate value upside for the Company, which will build on the demonstrated solid foundation of our core oil production business in Australia.”
Cooper’s net half-year production from the Worrior, Christies, Sellicks and Arwon oil fields was 183,430 barrels – already ahead of the full-year forecast of 300,000 barrels, or 75,000 barrels per quarter.
Meanwhile, Stuart Petroleum, the operator of the Worrior field, has spent a record A$14.8 million during the quarter on exploration, appraisal and development across its projects.
Production for the half-year totaled 390,100 barrels, an increase of 27.5% compared to 306,000 barrels for the previous corresponding half year.
Stuart said field development and strong production from its Derrilyn project largely offset field declines at Worrior and Acrasia.
In addition, the company said natural declines from Worrior-1 and Worrior-2 were offset by production from the Worrior-3 development well and an additional jet pump at the facility.
The company also announced a A$12 million seven-well development plan for its recently discovered and 100% owned Padulla oil field in the Cooper Basin.
Stuart said it would fast track Padulla development to take advantage of high prices for high quality light sweet crude.
The Padulla field, Stuart’s seventh South Australian oil development, would boost current production and underpin supply for its planned $20 million diesel refinery, near its Cooper Basin fields.
Managing director Tino Guglielmo said the development plan would include spending $8 million drilling one exploration well and six appraisal and development wells, and $4 million on oilfield facilities to develop an upside reserve of 1.5 million barrels of oil on the greater Padulla structure.
“Progress on front end engineering and design for the refinery is on schedule,” Guglielmo said.
“The proposed refinery’s planned production of up to 100,000 million litres of diesel per annum is approximately 10% of South Australia’s consumption and will add to the security of the SA’s fuel supply.”
Guglielmo also said Stuart was no longer exploring for gas, but would instead focus on oil exploration due to the continually strong oil prices.
Looking ahead, the company has foreshadowed further expansion away from the Cooper Basin.
