INNAMINCKA'S shares have jumped from 39c to a dollar at 11:45 am (AEST) after the company announced another 120 million barrels of oil have been discovered in the Cooper Basin.
The company described it as "one of the largest onshore oilfields in Australia" .
Innamincka Petroleum said it had shown that its Flax and Juniper 1 oil discoveries were connected underground, leading to a ``substantial increase in the assessed in place oil resource''.
"There is now a reasonable basis for concluding the Flax and Juniper discoveries will prove to be one of the largest onshore oilfields in Australia,'' the company said.
Innamincka's shares traded as high as $1.145, increasing from 39c, and were trading up 159 per cent this morning at $1.01.
The Flax field is about 120km northeast of Moomba on the border of SA and Queensland.
Innamincka managing director Ross Wecker said there was substantial additional exploration upside, but at this stage the company was focussed on getting the wells into production.
``As a geologist you always dream that things are a lot bigger than you think they are, but to have it happen, well, it's superb,'' Mr Wecker said.
``What you do know now is you have one hell of an area and anywhere that you drill inside that area you're going to find oil.''
Seismic mapping showed the field area was about 120 sq/km, the company said, up from an earlier estimate of about 33sq/km.
Mr Wecker said the company was predicting production of about 1000 barrels of oil per day from five wells by the middle of next year.
INP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
