The company attributed its record $36.6 million revenue result to higher oil prices.

Production during the period was 354,086 barrels of oil, compared with 368,086bbl in the previous corresponding period. Looking ahead, the company predicts its share of production will drop even further in 2006-07 to 275,000bbl of oil.

After including the costs of an “aggressive” exploration and development program, the company also reported a pre-tax profit of $13.4 million, compared with $13.5 million in 2004-05, while net profit remained unchanged at $9.4 million.

“With no debt and a record cash position of $26 million, the company is well placed following this excellent financial result to progress its exploration, development and production plans and to further advance its international growth strategy,” said Cooper Energy chief executive Mike Scott.

Scott said 2005-2006 had yielded successful exploration and production results in the Cooper Basin, with development in-fill drilling at the Worrior, Christies and Sellicks fields and exploration success with the Silver Sands-1 and Callawonga-1 wells. The company recently announced a 50% increase in its P50 discovered oil reserves portfolio to 1.2 million barrels (MMbbl) following the Callawonga-1 discovery.

“Our primary growth strategy is to leverage off the strong production and cash flow generation of the Cooper Basin assets to build a portfolio of high-potential international oil and gas assets in North Africa and South-East Asia,” he said.

Over the next two months, Cooper is planning to drill three wells, followed by a further three wells in the December and March quarters. The wells are targeting undiscovered reserves in excess of 200MMbbl of oil.

“Ideally we would like to drill four to six exploration wells per year from our very large exploration leads and prospects portfolio,” he said.

“Exploration in the Cooper Basin will continue to be important for us as the production revenue from new discoveries in this region underpins our fundamental value and funds our international exploration efforts and entry into quality new opportunities.”

Cooper Energy shares in production from the Worrior (30%), Christies (25%), Sellicks (25%) and Silver Sands (25%) producing oil fields in South Australia’s Cooper Basin, from where crude oil is trucked to offloading terminals at Tantanna and Moomba.

The Callowonga oil field, in which it holds a 25% stake, is scheduled to be online towards the end of this year.