In a statement this morning, Stuart said all fields were producing at close to optimum levels, as a result of last year’s successful development and optimisation program.

The latest project completed required installing a pump at Padulla-2, which pushed output up to 800bopd at the wholly-owned field.

Despite deferring 6000 barrels due to rain late last month, Stuart achieved its December quarter production forecast of 160,000bbl, compared with 126,800bbl in the previous period.

“The fields are performing strongly, which is a result of the skill and dedication of our field-based team and office-based technical staff,” managing director Tino Guglielmo said.

“This result is a major step towards achieving our production goals and targeted reserve additions for the full year ending June 30.”

As a result of hedging, Stuart is currently receiving a guaranteed oil price of at least $US60 per barrel for 25,000bbl of production per month and $50/bbl for a further 10,000bbl per month.