The company said a reserves analysis of its Phetchabun Basin acreage by an independent consulting firm Gaffney Cline & Associates has found net 2P reserves to Carnarvon of 11.377 million barrels of oil and net 3P reserves of 45MMbbl of oil.

According to Carnarvon, the significant increase in reserves reflects the success of development, appraisal and exploration program implemented over the last year by the company and its operating partner Pan Orient Energy.

The 3P reserves indicate the large potential upside of the Na Sunun East and Wichian Buri Fields, which bodes well for continued success in 2008, according to chief executive Ted Jacobson.

"These results well and truly place our company in the mid-tier level of Australian oil and gas companies," he said.

"With a continuing active drilling program for 2008, we are hopeful that further significant reserve increases will be accomplished this year."

The joint venture partners are currently finalising plans to accelerate their drilling program for the year.

Carnarvon holds a 40% stake in the Thailand operations while Pan Orient as operator holds a 60% interest.