In a report for the six months ended December 31 2007, the Adelaide-based company said production rose 22% to 287,300 barrels of oil. Full-year production is now expected to exceed 600,000 barrels of oil.
Sales revenue reached a record $30 million, an increase of 64% over the first half of the year and 47% over the previous corresponding period.
Net profit after tax also increased 21% to $7.5 million.
"Increased Worrior oilfield production, reserves additions and high oil prices were
positive influences on the strong half-year result," Stuart managing director Tino Guglielmo said.
"Cooper Basin cash flows will be sufficient to significantly reduce existing borrowings and to fund our portfolio of growth projects this year, particularly the Gippsland Basin project."
