Melbana Energy (ASX:MAY) said that advanced geophysical analyses showed an increase in the company's prospective resources estimate at exploration permit AC/P70 to 2,857 billion cubic feet (Bcf) from 2,754 Bcf, according to a Friday filing with the Australian bourse.
The prospective oil resource at the permit also increased to 78 million barrels of oil (MMbbl) from 43 MMbbl, the filing said.
Shares of the company fell 6% on market close.
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