ROC Oil Company has maintained its full year production guidance after returning to profit in the first half of fiscal 2010.
ROC reported net profit for the six months to June 30 of $US6.7 million ($7.6 million), up from a loss of $US14.2 million in the previous corresponding period.
Normalised net profit, which takes out unrealised hedging gains and asset impairments, was $US1.3 million ($1.48 million), down from $US19.6 million in the previous corresponding period.
First half revenue was down two per cent to $US100.2 million ($113.72 million).
Roc declared no dividend.
Chief executive Bruce Clement said ROC remained on target to meet its 2010 guidance of 8,000 to 9,000 barrels of oil equivalent per day (BOEPD).
The year-to-date average at August 22 was 8637 BOEPD.
"After severe winter weather disruptions at the start of the year, ongoing strong production performance at Zhao Dong (in China) is especially pleasing," Mr Clement said.
Net cashflow for the first half totalled $US40.3 million ($45.74 million), taking ROC's net cash position to $US52.7 million ($59.81 million) at June 30.
Development and exploration expenditure would increase in the second half, Mr Clement said.
ROC's planned Beibu Gulf project in China is progressing, with an overall development plan recently submitted to China National Offshore Oil Corporation for final approval, Mr Clement said.
A final investment decision will be made after approval, and first oil production is anticipated in the second half of 2012, he said.
AAP