Carnarvon has a 40% stake in the Wichian Buri oilfield, which they now estimated to contain 30 million barrels of oil on a 2P basis. It said the new reserves 'were really only the tip of the iceberg."

Carnarvon said the estimates came from a revised Monte Carlo simulation based on the results of their three successful wells, which all flowed oil. The simulation also included 2D and 3D seismic interpretations.

The 3P reserves - proven plus probable plus possible - came out at 56 mmmbo.

Managing director, Ken Tregonning, said now they had proved both a viable reservoir sequence and more importantly an active hydrocarbon system, the remaining undrilled prospects offer tremendous upside potential.

"We are producing from an area of less than 2 square kilometres in a total concession area of 37 kilometres and all wells drilled to date have found hydrocarbons.

"The new reserves reflect this enormous potential," he said.