Metgasco boosts CSM reserves

AN INDEPENDENT expert has lifted Metgasco’s proved and probable (2P) gas reserves over 400% to 113 petajoules, after assessing the results of the company’s coal seam methane program in Clarence-Morton Basin permit PEL 16 to date.
Metgasco boosts CSM reserves Metgasco boosts CSM reserves Metgasco boosts CSM reserves Metgasco boosts CSM reserves Metgasco boosts CSM reserves

Metgasco said this result reflected the first stage of its reserve upgrade program relating to its Stratheden joint venture with CS Energy.

Gas reserves in the 3P category (possible) were largely unchanged at 1156 PJ.

In March last year, Metgasco had 22PJ of 2P reserves. But following the certification by MHA Petroleum Consultants, based on this year’s drilling and testing data, PEL 16 now contains 129PJ, of which 113PJ is net to the company.

Managing director David Johnson said the results showed the emerging importance of the Walloon Coal Measures in the Clarence Moreton Basin.

“The results are an important milestone in achieving the Company’s gas reserve target of 660PJ in 2P reserves,” he said.

“These results also demonstrate the high probability that continued exploration will allow us to convert a substantial proportion of our large 3P coal seam gas reserve position into the 2P category.”

Additional data obtained from the drilling program of the past six months in the Stratheden Joint Venture area and the South Casino area will be finalised and provided to MHA over the coming months.

Further core drilling, testing and analysis will be undertaken at South Casino during the remainder of 2007, Metgasco said.

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