reverves upgrade of 300 percent, page-44

News story on CVN from AAP News. Nothign we don't know but nice to see some mainstream coverage. Story even comes up on ETrades "quotes and research" tab





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Carnarvon boosts Thailand oil reserves16/04/2008 11:46AM AEST Oil and gas producer Carnarvon Petroleum Ltd has increased oil reserves at its Thailand assets by 300 per cent and aims for further reserve increases this year.

The news sent Carnarvon shares four cents, or 7.92 per cent, higher to 54.5 cents at 1119 AEST.

The projects are operated by Carnarvon's joint venture partner, Canada's Pan Orient Energy Corp.

Carnarvon's 40 per cent net interest in the reserves is 1.377 million barrels of oil in the "proven and probable" category under Australia's oil reporting standards.

"Net `3P' reserves of 45 million barrels of oil indicates the large potential upside of the Na Sanun East and Wichian Buri fields, and bodes well for continued success in 2008 and beyond," Carnarvon said in a statement.

"Carnarvon's 2008 drilling program will work towards further increasing reserves across all categories.

"The joint venture is currently finalising plans to accelerate its drill program for 2008."

Carnarvon's chief executive Ted Jacobson said the results placed the company in the mid-tier of Australian oil and gas companies.