New Zealand Oil & Gas (ASX:NZO), and their joint venture partners have increased their reserves in the Palm Valley, and Dingo gas fields in Australia's Amadeus Basin.

This consists of a 14% surge to 2.1 million barrels of oil equivalent (mmboe) at Palm Valley, due to the successful drilling and performance of the PV-12 well, and a 13% rise to 3.5 mmboe at Dingo because of consistent well performance, and extra modeling work.

The reserves upgrade is a crucial development for New Zealand Oil & Gas, providing vital energy for central Australia and the East Coast.