Oil and gas producer Beach Energy has made another oil discovery which could bring in 440,000 barrels of recoverable oil.

The Adelaide-based company said the new field oil discovery was made in Namur Sandstone in the Cooper Basin in central eastern Australia.

“The pre-drill upside gross estimate for the Namur target of 440,000 barrels of recoverable oil is supported by wireline log data,” the company said in a statement.

Beach has a 75 per cent interest in the new discovery, while Cooper Energy holds a 25 per cent interest.

Beach Energy’s chairman Bob Kennedy stepped down in August after almost 17 years in the position.

At 1218 AEDT Beach Energy shares were two cents higher at $1.34.