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OPERATIONS

Drillsearch revenue slumps

AN 80% rate of drilling success and approval from its shareholders for the proposed friendly merger with Cooper Basin rival Beach Energy were some of the few bright spots for Drillsearch Energy in the December quarter as it struggled to cope with falling oil prices.

Haydn Black

Drillsearch managed to maintain production of 810,000 million barrels of oil equivalent, and its income of $46.11 million was pumped up by $8.1 million in hedging gains, but its revenue took a 13% hit...

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