Sales of coal seam methane (CSM) during the six months soared 162% from the previous corresponding period to 10.6 petajoules, helping to push up revenue to $35 million.

EBITDA (earnings before interest, tax, depreciation and amortisation) was up a massive 1561%, from $800,000 in 2H 2006 to $13.2 million in 2H 2007.

Meanwhile, the company's proved and probable (2P) reserves have increased 89% from 695PJ to 1317PJ.

QGC managing director Richard Cottee said the results follow a period of enormous growth for the CSM producer, now Queensland's third-largest company by market capitalisation (about $3.2 billion).

Cottee expects the company will drill more than 200 exploration wells over the next three years, adding that personnel would be boosted by hiring more geologists, geophysicists and reservoir engineers.

"We are committing ourselves to exploration goals which will see us realise significantly more value from our world-class acreage in the Surat Basin," Cottee said.

"Our strategy will involve a record increase in the number of exploration wells drilled over the next two years as we prove up our contingent resources."

He added that QGC's CSM wells had, on average, the best flow-rates in Australia.

"Our flow rates are up and our production costs are down - about 90 per cent of our one-year-old wells are free-flowing gas without pumping equipment," he said.

"Our accelerated exploration efforts through 2008, 2009 and 2010 are expected to further demonstrate the outstanding permeability of our coals."

Cottee said QGC and BG Group were working hard to achieve their shared objectives, which involve the construction of a 3-4 million tonne per annum LNG plant on the Queensland coast.

Expected to be operational in 2013, the facility is intended to use 190PJ of gas per year - more than the entire current Queensland gas market - from QGC's CSM tenements in the Surat Basin.