Oil production and sales revenue from Subiaco-based Salinas Energy Ltd's North San ardo field in California has exceeded internal forecasts with revenue beating the budget by 25 per cent for July.
The company said sales volumes during the month reached 30,570 barrels, exceeding the budget by three per cent.
Meanwhile year to date sales for the seven months ending 31 July exceed $US14.7 million, keeping the company on track to reach its calendar year target of $US25 million.
Oil production for the seven months ended 31 July was over 125,000 barrels, in line with the annual forecast of 287,000 barrels for 2008 which remains achievable with additional drilling scheduled for later in the year.
"The NSA field is a long term producing asset and we are very pleased with the levels we are achieving in plant efficiency, oil production and cash flow," managing director John Begg said.
"The strong cash flows mean Salinas' other operations are fully funded and we are focused on increasing the scale of our business."
