Beach Petroluem said on Tuesday it has discovered another oil field in the Parsons field located in West Cooper Basin, South Australia.
This follows Beach's high volume oil discovery at the Callawonga Oilfield, also in the Cooper Basin in the last 12 months.
"Beach has now discovered oil in the Parsons field, likely to contain more than 1 million barrels of recoverable oil, close to its Callawonga, Christis and Sellicks fields," the company said in a statement.
The discoveries are in an area virtually ignored by earlier explorers and which has now become a significantly productive area in the basin.
"The region now deserves recognition as a significant oil sub-province of the Basins," managing director Reg Nelson said.
Beach Petroleum added 0.5 cents to $1.375.
