Revenue rose 13.9% quarter-on-quarter to A$52.7 million, while annualised revenue per rig was up 11.3% to $3 million.

Average operating rigs increased by 2.4% to 69.3, while the number of shifts was up 4.6% to 10,829.

EBITDA for the quarter was up 6.4% to $8.1 million, while operating cashflow fell 43% to $4.5 million.

"As additional rigs are deployed and as ramp up and ramp down costs begin to reduce, it is expected that EBITDA will continue to increase quarter on quarter for the remainder of FY22," CEO Andrew Elf said.

The company maintained full-year revenue guidance of $200-220 million and EBITDA guidance of $40-44 million.

Net debt dropped 27.6% to $18.36 million, largely due to the $10.5 million equity raising completed during the quarter.

"The debt figure will likely increase in the short term as the company continues to embark on its organic growth strategy," Elf said.

"The outlook for drilling services demand remains the strongest that we have seen since 2008 against a backdrop of extremely positive industry fundamentals which include strong and, in many cases, increasing commodity prices."

Mitchell shares have traded in a range of 35.8c and 59c over the past year and last traded 2.1% lower at 45c, valuing the company at $100 million.