Senex Energy (ASX: SXY) has upgraded both its proved (1P) as well as proved and probable (2P) oil reserves by 27% to 4.2 million barrels (MMbbl) of oil and 8.1MMbbl from 30 June 2011.
The 1.7MMbbl increase in 2P reserves is worth potential additional revenue of over US$200 million (A$194.3 million) at current oil prices.
This is due in large part to a 138% increase in 1P and 90% increase in 2P reserves at the Growler oil field in the Cooper Basin on the back of successful appraisal and development drilling.
Senex has also ascribed for the first time, oil reserves to the Vintage Crop, Mirage and Ventura oil fields on the southern South Australian Cooper Basin and at Cuisinier in the Queensland Cooper Basin.
Senex and Beach Energy (ASX:BPT) had last month decided to expand their highly successful drilling program on Cooper Basin Western Flank with the addition of 3 appraisal wells, bringing the total up to 14 wells.
The two companies are also moving to restore production at the Snatcher field, which has been offline since a one in forty year flood inundated the field in January 2010.