Stuart’s share of oil production from its Cooper Basin blocks in January was about 90,500 barrels, a 10% increase on December’s record performance, according to Stuart managing director Tino Guglielmo.

“Stuart has produced some 400,000 barrels of oil in the first seven months of this fiscal year and it is now appropriate to raise forecast production levels for this financial year to 750,000 barrels," Guglielmo said.

"This is almost double last year’s production rate.”

Stuart will restart exploration drilling in mid March, spudding the Baystone oil and gas wildcat well about two kilometres west of the Reg Sprigg West discovery.