Western Australian oil and gas player Tap Oil Ltd has recorded revenues of $19.7 million for the March quarter, with record high oil prices offsetting lower sales volumes.
During the period Tap received a record oil price of $91 a barrel.
Production of 384,000 barrels of oil was affected by the impact of cyclone activity in the north west of Western Australia, which caused 11 days down-time at the Woollybutt oil field.
Notwithstanding the cyclone interruptions and other maintenance, the Woollybutt field continued to perform strongly.
Oil remaining in inventory, of 119,000 barrels valued at $11.3 million, will be sold through the June quarter.
Oil in storage is not treated as production revenue until it is lifted into a sales tanker.
Liquids production was 253,655 barrels for the quarter, with liquids sales of 194,585 barrels. The excess was mainly due to Woollybutt lifting its schedule.
The company expects revenues to remain strong going forward, with strong oil prices likely to continue.
Woollybutt production should remain strong and further upgrades to the field are under consideration.
Tap also believe its exploration programme for the balance of the year has good potential to deliver reserves and near term production.
