Australian exploration firm Karoon Gas says the Kangaroo discovery in the Santos and Campos basin off Brazil could be almost double the previously predicted size.
The company said new core analaysis and reservoir data indidcated a better than previously estimated permeability, with increased net to gross ratio.
As a result, the 1C resource has been raised from 2million barrels to 11million barrels, the 2C resource from 73million barrels to 135million, and an increase from 337million to 487million barrels for the 3C resource.
The company said it was looking to acquire a rig to drill at least two appraisal wells and an exploration well on the discovery, with negotiations now underway.