Oil and gas producer Drillsearch Energy's annual revenue has fallen despite a 38 per cent lift in the June quarter.
The company posted $60.2 million in revenue for the three months to June, up on the previous three months due to increased production and oil prices staging a moderate recovery from the March quarter's six-year lows.
But full year revenue was down 35 per cent to $250.5 million, due to lower production and crude prices being significantly below the previous year's.
Full year production of 3.0 million barrels of oil equivalent was down 11 per cent on 2013/14, despite lifting 18 per cent in the June quarter to 0.8mmboe from the previous three months' 0.7mmboe.
The average oil price for the quarter was $80.90 a barrel, compared with the previous three month's $69.90, before hedging benefits.
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