In the 2006-07 financial year, the company reported that it sold 256,871 barrels of oil to generate an income of $21 million.

This was lower than its performance in 2005-06 of 354,086 barrels, at a value of $32.5 million.

Cooper also recently successfully completed a $55 million share placement and $5 million share purchase plan, to boost its cash position for exploration projects next year.

“We are heading towards 2008 with the company in its strongest ever position – record cash levels, an expected major production boost at a time of high oil prices, and a forward drilling program that has the objective of proving up our first international development,” managing director Michael Scott said.

In early 2008, Cooper plans to drill a second Indonesian well, Gurame-6X, located in the Seruway PSC in northeast Sumatra. The company will have a 22.5% interest in this well.

Cooper also plans to drill an exploration well in the Hammamet production-sharing contract in Tunisia, in which it has a 35% stake.

“Importantly, these are not high-risk wildcat exploration wells in frontier basins but low-risk appraisal and exploration wells in proven petroleum provinces,” Scott said.

Currently, Cooper is drilling the Kurnia-1 exploration well in South Madura, Indonesia, which is expected to reach primary reservoir target at the end of November or early December.

The well is targeting 200 million barrels of oil, at the P50 level of confidence.