Woodside Petroleum Limited (ASX:WPL) has reported an increase in its best estimate contingent resource for the two gas discoveries it made offshore of Myanmar in Q1 2016.
The new estimate takes the total contingent resource to 4,481 MMboe, up by 83 MMboe
The revised numbers were based on technical evaluations of subsurface data and wireline logging results from the two wells.
Woodside CEO Peter Coleman has indicated a further appraisal of four to seven additional wells adjacent to the discovery will commence in the first quarter of the new financial year.
Woodside reported a net profit of $154.7 million at 31 December 2015.
