The Adelaide-based company produced 91,530 barrels of oil in the June quarter, down 36% from the previous three-month period, when production was also lower due to wet weather.

Revenue was also lower at $A7.6 million, compared to $11 million in the March quarter.

“This result is reflective of rain affected production, partially offset by higher average oil prices during the quarter,” Stuart said in its quarterly report.

“Net profit after tax for the year of $8.5 million compares favourably with the 2005-06 full-year result of $7.9 million.”

As of June 30, the company’s share of 2P (proven plus probable) oil reserves totaled 2.61 million barrels, reflecting a 185% reserves replacement ratio.

Stuart managing director Tino Guglielmo said the company’s reserves represented a 21% increase compared to this time last year.

“The reserve increase this last financial year can be expected to sustain Stuart’s current levels of production through the current year,” he said.

“Success in Stuart’s active Cooper Basin drilling program, currently underway at Comic-1 and Doriemus-1, has the potential to provide production growth from current levels.”

Stuart said it was forced to defer 26,000 barrels of oil, due to prolonged rainfall closing many access roads used to truck oil from its Cooper Basin fields to Moomba and other points of sale.

“Padulla was offline for 28 days, Worrior for 19 days, Arwon for 16 days, Harpoono for 13 days and Acrasia for five days,” the company said.

“The non-operated Derrilyn field was offline for eight days.”

Stuart also encountered weather-related production problems in the March quarter, when rain deferred ouput from Worrior and Harpoono for seven days, Padulla for 10 days and Acrasia for 23 days.