Drillsearch Energy Limited
(ASX:DLS) is set to triple its full year production in fiscal 2014, after a better than expected performance from its Western Flank Oil Fairway in the Cooper Basin.
The company has increased its production guidance for the year to between 3 and 3.3 million barrels of oil equivalent, up from previous guidance of 2.3 to 2.5 million barrels.
Production at the higher end of guidance would triple the 1.1 million barrels of oil equivalent produced in fiscal 2013.
Drillsearch attributes the increase to better-than-anticipated performance of the PEL 91 permit in the Western Flank Oil Fairway of the Cooper Basin, and in particular the Bauer field.
Drillsearch Energy posted a net profit of $45 million in fiscal 2013.
