A combination of increased production and higher oil prices saw the company’s revenue grow 130% from the previous period to a record $20.9 million.

This surpasses the previous record of $16 million set in March 2005.

“Production is up, reserves are up and oil prices are up,” Stuart’s managing director Tino Guglielmo said.

“The Cooper Basin is delivering the cash to fund our portfolio of growth projects in the Gippsland Basin, Angola and the Port Bonython Fuels business.”

Guglielmo said Stuart’s Cooper Basin fields continued to perform strongly, with additional production scheduled to come online later in January from the company’s 50%-owned Cleansweep discovery in PEL 100.