The increases relate predominantly to the inclusion of the newly acquired Northern Energy deposits and the identification of additional resources at Lenton in Queensland.

The coal resources and reserves update came as a result of further extensive geological work including a complete review of all databases together with the addition of further points of observation for all project areas, the company said.

Subsequent remodelling of the geological data and further exploration drilling also contributed to the higher resources statement for the company.

Last month, New Hope announced plans to make an up to $45 million off-market takeover bid for oil and gas producer Bridgeport Energy.

The offer for $0.41 per share values Bridgeport at $75 million and represents a 24% increase over a share placement offered by the oil company in April last year.

New Hope’s portfolio includes the New Acland Jeebropilly and New Oakleigh open cut thermal coal mines in southern Queensland’s Clarence Moreton Basin and a series of ongoing exploration programs targeting coking, thermal and pulverised coal injection coal in central Queensland.