TAP Oil was trading at a yearly high of $1.25 during the week after reporting increases in liquids production, average daily gas sales and revenue for the March quarter.
Quarterly revenue was $7.8 million, up 37 per cent, while liquids production hiked 54 per cent.
During the quarter the company also made three new commercial oil finds.
With these results Tap Oil has upgraded its drilling program to include 10 new wells by the end of the year.
Earlier this year Tap Oil announced a $4.2 million interim net profit, despite significant drilling and development during the half year. At the time, Macquarie Equities spokesperson Stuart Baker predicted the company would achieve a share price of $1.50 by July.
DJ Carmichael representative Max Nind this week said that, while investors had tended to ignore Tap Oil in the past, the company was now seen as a good producer although still undervalued.
HSBC Asset Management appeared to agree, this week purchasing a 5.55 per cent interest in the company.
Tap Oil owns interests in seven producing fields and 16 exploration blocks off the north west and far northern coasts of WA.
