The upgrade to 2.96 million barrels is due to the discovery and development of the Parsons and Cleansweep oil fields, and appraisal and development drilling in the Callawonga and Worrior oil fields.

Cooper added the reserves increase is higher than the expected production of between 300,000-400,000 barrels for the 2007-08 financial year.

The company also said it expects to record recoverable oil volumes at June 30, 2008, of about 1.4 million barrels of oil, up 35% over the 1.04MMbbl reported last year.