Drillsearch shares have surged 10 per cent on a possible tripling of full year production DRILLSEARCH shares have surged more than 10 per cent after the company announced full year oil production could triple. The company upgraded its financial year production forecast from 2.3-2,5 million barrels of oil to 3-3.3 million, pushing its shares up as high as $1.63 from yesterday's close of $1.43. The boost has come from better than expected production from the company's 60 per cent owned Bauer Field in the Cooper Basin. "Production at the higher end of the stated guidance would be triple the 1.1 million barrels of oil equivalent produced in the previous financial year," the company told the ASX. This record performance is being driven by the continuing better-than-anticipated performance of the PEL 91 permit in the Western Flank Oil Fairway of the Cooper Basin, and in particular the Bauer field, as well as by an increased share of production from the Tintaburra block in the Eastern Margin following the transaction announced in mid-2013 with Santos. The significant additional revenue being generated will be used to strengthen the company's balance sheet, with funds also reinvested in an active exploration and development program across the portfolio, with around 20 wells to be drilled in the second half of FY2014 under the current work schedule. This program includes numerous high return prospects and discoveries that are expected to help maintain current production within our oil business, as well as support the ongoing commercialisation of existing discoveries within our wet gas business, and high impact exploration of our unconventional acreage, where an initial drilling campaign is underway. Production for the first half, ending December 31, was 1.76 million barrels, compared with full year production of 1.1 million barrels for 2012-13.