Production at the aging field was 267,976 barrels of oil for the six months to end-June, compared with 322,402bbl in the previous corresponding period.

But the Perth-based company expects future output to increase once it completes a drilling program, which involves it re-entering six of the Selmo wells and performing horizontal completion targeting a more substantial exposure to the reservoir in each well.

“Whilst the results for the half-year are very gratifying, most of our current attention is focused on the USR drilling program that is currently underway at our Selmo oil field,” Incremental managing director Chris Cronin said.

“Any production increases that might come from this program could add substantially to future results.”

Cronin said he was “delighted” with the company’s first half financial results.

As a result, the company has brought forward plans to pay a dividend, with the board confirming an interim dividend of 3c per share.

Incremental listed on the Australian Stock Exchange last October, after raising $61 million in an initial public offering. It used the funds to finalise its purchase of a 100% working and revenue interest in the production and exploration licenses for Selmo, along with other exploration areas in Turkey.