The company’s gas reserves in the 2P category have increased to 397 PJ, an increase of 33 per cent and gas reserves in the 3P category have increased to 2,239 PJ, an increase of 46 per cent.
Metgasco Managing Director David Johnson said “This large increase in reserves has been achieved by the review and analysis of a significant amount of data on the CSG resource within PEL 16.”?
“It is our view that several areas within the tenement, that are currently undrilled, contain similar CSG resources to the areas where we have currently booked 2P reserves.”? Mr Johnson said.
Metgasco also has plans to investigate the feasibility of supplying the proposed 30 MW gas-fired Richmond Valley Power Station with conventional gas from the Kingfisher Field.