The announcement came as Armour and the associated Dark Horse Resources also halted trading in their shares ahead of an announcement relating to an Armour capital raising.

The proved and probable reserves (2P) are now 150 petajoules and the company, run by Nick Mather, said that material long-term potential had been demonstrated across the wider Kincora project.

It bought the Surat Basin project from Origin in 2016.

Armour said the reserves were located on granted petroleum licences with approved environmental authorities and financial assurances.

The company also said successful hydraulic stimulation of the Myall Creek 5A well, as well as the rilling of other wells, had contributed to the upgrade.

“Armour has re-evaluated existing discovery wells and identified significant tight gas from the Myall Creek area and south along the western flank of the Roma Shelf in its operated authority-to-prospect, potential commercial areas and petroleum leases,” it said.

It said there were multiple gas reservoirs presented in cased and suspended wells and “offer further opportunities to accelerate production”.

“Armour is currently progressing plans to hydraulically stimulate (frack) existing well stock in 2020 and 2021.”