Drillsearch reports 59% jump in FY profit

Company News

Drill Search Energy Limited (ASX:DLS) has reported a record full year profit of $71.5 million on the back of record production and strength in the oil price.
 
Production was up 209 per cent on last year with revenue jumping 279 per cent.
 
This lifted net profit 59 per cent and left the oil and gas explorer with a ten-fold increase of cash on hand to $152 million. 
 
Drillsearch is poised to acquire Ambassador Oil & Gas and expects to maintain strong production performance into the 2015 financial year. 
 
Managing Director Brad Lingo says he anticipates increased gas demand from the East Coast with their Cooper Basin asset expected to be a key source of supply for this demand.
 
Future expansion plans mean Drillsearch declined to pay a dividend this year.