Malaysia-listed Hibiscus Petroleum has received an independent assessment of the West Seahorse oilfield in the offshore Gippsland basin in Victoria.
A report by Gaffney, Cline & Associates (GCA) has found 6.5 million barrels of proved plus probable reserves at the field, according to joint venture partner 3D Oil.
3D previously reported the field held a best estimate of 9.2 million barrels of recoverable oil.
This is an update of the 2011 report which established contingent resources for the field.
3D Oil said the independent assessment of reserves provided certainty when looking for financing and major contracts.
The oilfield is being developed for production by early 2015 by a joint venture including Carnarvon Hibiscus and 3D Oil.
The company has also undertaken a number of reservoir stimulation studies, which were reviewed by GCA and used to define a set of oil production profiles.
Final investment decision on the project is expected to be finalised early this year.
The project development plan will be based on the reserves estimate, and according to 3D Oil, is expected to produce an initial rate of 12,000 barrels of oil per day with a field life of five to six years.
Joint venture partners also expected to drill the nearby Sea Lion prospect, which will be tied back to West Seahorse.
The partners were recently awarded a production licence over VIC/L31 which contains the West Seahorse project.
The development will include two production wells connected to a jack-up production unit and linked to a floating storage and offloading vessel.