An income tax benefit has helped Queensland-based explorer Drillsearch earn a net profit after tax of almost $10 million for the 2011-2012 financial year, the company has announced. 

One off costs and the start of the Petroleum Resources Rent Tax have been blamed for 1.9 percent fall in reported profit for the six months to 30 June, Woodside Petroleum has announced.

Australia’s New Standard Energy has spudded the first well in a three-well drilling program in its Goldwyer project in Western Australia’s onshore Canning basin.