Drillsearch Energy Limited (ASX:DLS) has delivered record output and revenue over the 2014 financial year and flagged growth ahead.
The oil and gas explorer exceeded guidance to produce a record 3.4 million barrels of oil equivalent (mmboe) in the year to the end of June 2014.
Sales revenue more than tripled over the year to a record $387 million and the company also booked capital expenditure below its last forecast range.
Managing Director Brad Lingo says Drillsearch has set itself ambitious but achievable targets to significantly increase oil and gas output over five years based on its conventional assets.
Over the longer term Mr Lingo believes the company’s unconventional assets offer the potential of significant returns.
Drillsearch Energy reported a net profit of $35.5 million in the first half of its 2014 financial year.