Oil and gas explorer Drillsearch Energy has forecast a revised four-fold jump in production in 2013 that will help its transition into a mid-tier producer.
The central Australian Cooper Basin-focussed company is forecasting production of 1.31 million to 1.57 million barrels of oil equivalent (BOE) in fiscal 2013, higher than previous guidance of 1.23 million BOE.
It produced 389,877 BOE this year.
The growth would come from the company’s oil rather than gas business, with it bringing the Bauer oil field in the Cooper Basin into production this year, managing director Brad Lingo told shareholders at the company’s annual general meeting in Sydney.
Read more: http://www.theage.com.au/business/markets-live/markets-live-local-stocks-becalmed-20121121-29oxc.html#ixzz2Coy5coDp
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