Empire Oil & Gas NL reported unaudited earnings results for six months ended December 31, 2015. For the period, the company's revenue was $10,451,904 against $9,284,115 a year ago. EBITDAX was $5,341,485 against $3,956,100 a year ago. EBITDA was $5,341,485 against $3,737,412 a year ago. EBIT was $1,610,757 against $645,120 a year ago. Net profit before tax was $1,662,087 against $470,221 a year ago. Net profit for the period was $1,154,065 against $5,711,865 a year ago. The company generated positive operating cash flow of $1.0 million for the half, with investment in the successful Red Gully North-1 drilling program in the December Quarter contributing to an overall net decrease in cash of $4.7 million. This investment in exploration was reflected in the $26.7 million carrying value of exploration assets, up $10.9 million for the first half of fiscal year 2016 period.

For the period, the company's average daily production increased by 13% to 9.4TJ/day, bringing the Red Gully Processing Facility close to full capacity of 10TJ/day at the close of the half-year.

Fiscal year 2016 revenue guidance is to be $20.3 million, with the additional gas sales to Alcoa offsetting the decrease in realised condensate sale price. The increased average gas production rate of 9.4TJ/day is expected to continue into the foreseeable future.