Drillsearch Energy Limited (ASX:DLS) Managing Director, Brad Lingo presents ‘Focusing in on our Wet Gas Potential’ at the RIU Good Oil Conference in Freemantle, Western Australia, September 2012.Drillsearch is solely focused on the Cooper Basin. We have three growth platforms, namely conventional oil, wet gas and unconventional. Wet gas, probably the least understood part of our business, provides some of our biggest upside. This year we proved to be a successful explorer, quickly transitioning into significant production. By year’s end, we anticipate producing approximately 3000 barrels per day black oil, with a target exit rate of over 4000 barrels oil equivalent.
Last year our focus was to deliver strong growth in reserves production and cash flow, our maiden net profit was $10 million. Near-term, our strategy is based around conventional oil on the Western Flank Oil Fairway and our large operating position in the Inland-Cook Oil Fairway.
Mid-term, our focus is expanding and developing production of liquids-rich wet gas in the Western Cooper. And long-term, we have a large unconventional strategic position with joint venture partner QGC the BG Group Company, to explore, appraise, delineate and prove up a world-class shale and gas resource.
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