Drillsearch’s total production for FY2015 was 3.0 mmboe, 11% less than during the previous year (3.4 mmboe) with a production mix of 89% oil and 11% wet gas. The company’s production is for the most part extracted from the Western Flank Oil Fairway in the South Australian section of the Cooper Basin.
Total oil production for FY2015 was 2.7 mmboe with our Western Flank Oil Fairway operations producing on average 7,877 bbls/d (net to Drillsearch) over the period. Late in the year, cumulative Western Flank oil production reached 10 million barrels (gross, DLS 60%), a significant milestone for the joint venture.
Total wet gas production was 0.3 mmboe in FY2015 which was a 30% decrease on the previous financial year (0.5 mmboe) mainly due to the shut-in of the Canunda well and natural field decline. Wet Gas production in FY2016 is expected to increase once new discoveries are connected and compression is installed.
Western Flank oil production in FY2016 is expected to remain strong as the joint venture continues to invest in the new facilities required to bring new wellhead capacity online. With a number of new and existing Wet Gas discoveries also being tied in, Drillsearch provided preliminary FY2016 production guidance of 2.8 to 3.2 mmboe in early July 2015.