Drillsearch Optimistic of Gains and Growth

After receiving a $99 Million revenue record in its fiscal report for 2013, energy company Drillsearch is expecting more growth for this year.

The oil and gas company is also confident that there will be better days ahead, as it prepares to proceed with the work and production on its new oil pipeline.

The said source is found at the Cooper Basin’s western side, where Drillsearch has just recently installed the pipeline from Bauer to Lycium. This site is projected to produce about 10,000 barrels of oils from day to day.

In a statement released by the company, Drillsearch apparently had a record-breaking sales revenue for the June quarter, which amounted to 600,000 oil barrels, or the equivalent of $50.7 million. The company also acknowledged that this increase in production is partly driven by the completion of the Western Cooper Wet Gas Project, which enabled Drillsearch to re-start a stalled project.

Early this month, it closed a deal with another major oil and gas player, Santos, for the continuation of the gas project, where Santos promised support for $120 million in exchange for a 60% stake in Drillsearch’s share.

Drillsearch, meanwhile, have already achieved oil production in the equivalent of 12 months, and it’s still targeting to grow more in the remaining months.

A look at its monthly report next month is going to prove very interesting for a lot of investors.