The independent research – undertaken by reserves experts Netherland, Sewell & Associates Inc – also determined QGC’s proved (1P) reserves to be 16% higher at 365 PJ and its proved, probable and possible (3P) reserves up 7% to 2953PJ.
These reserves are contained within its project areas at Bellevue (PLA 247), Berwyndale/Berwyndale South/Berwyndale Deep (PLA 211/PL 201/PLA 212), Argyle/Argyle East/Kenya/Lauren/Codie (PL 179/PL 229/PL 228/PLA 180),
Martin (ATP 620P) and Kenya East/Jammat/Sean/Broadwater (ATP 648P)
QGC said it had already produced 15.2 PJ from the reserves figure, of which 14 PJ has been produced for sale from Berwyndale South and Argyle/Kenya gas fields.
“This is the second installment of the reserve upgrade program announced in the growth acceleration strategy (GAS) on August 4 last year,” managing director Richard Cottee said.
“At that time, we sought $60 million from a rights issue to grow QGC’s reserve base to 1000 PJ (2P).
“It is pleasing to note that not only have we have surpassed this target, but also further results of the GAS exploration program are still to come in.
“We should be in a position to give the final reserve numbers created as a result of the GAS exploration program before the annual general meeting. Interestingly, even our possible reserves have been upgraded.”
QGC is currently selling more than 57 terajoules per day, the equivalent of 20.8 PJ per year.
