Drillsearch ups oil and gas forecasts

DRILLSEARCH shares have jumped as the oil and gas producer doubled its production target for the year ahead.

The company also made a record profit of $45 million in the 2012/13 financial year, on the back of its new operating oil pipeline in South Australia's Cooper Basin.

The profit was more than four times higher than $10 million in the previous year.

Managing director Brad Lingo said he had changed the ringtone on his mobile phone to AC/DC's Back in Black to mark the company's recent performance.

"That's the theme for our financial results this year," Mr Lingo told analysts.

"Drillsearch is in the black."

The company says it will boost production to between 2.3 million and 2.5 million barrels of oil equivalent (mmboe) in the 2013/14 financial year.

"The major driver for the increase in production is the continued development of the Bauer oil fields," chief financial officer Ian Bucknell said.

"This more than doubling in production is driven by the annualising of the current high rates of production on the western flank oil production and assuming that minimum wet gas contract levels will be produced."

Drillsearch achieved production of 1.1 mmboe in the 12 months to June 30.

Oil production now makes up almost 90 per cent of the company's revenues, and higher oil prices have boosted its profit.

The company plans to increase capital expenditure to between $90 million and $110 million in the 2013/14 financial year, up from previous estimates of between $75 million and $100 million.

Drillsearch shares gained four cents, or three per cent, to $1.375.

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