Australia’s Comet Ridge has received a reserves report from an independent consultant for the Mahalo gas project in central Queensland.
MHA Petroleum Consultants provided an independent reserve certification for the coalbed methane explorer for ATP 337P.
The report booked proved and probable gas reserves of 22 petajoules and best case contingent resources of 328PJ, an extra 107PJ from the last reserves update in 2010.
High estimate contingent resources have been booked at 468PJ, up from the 442PJ booked in 2010.
Comet Ridge managing director Tor McCaul said this booking showed the potential of the gas project and was a milestone for the company.
“The project is located just 11 kilometres from an infrastructure connection to the Gladstone LNG market with significant gas supply requirements and rising prices,” he said.
“Our plan is to continue to build reserves and upgrade the category of these reserves as further production data from Mahalo is collected and additional appraisal is undertaken.”
He added that uncommitted gas reserves on the East Coast of Australia are becoming increasingly scarce so the company was pleased to find a commercial amount of gas from its reserves booking.
“The combination of the size of the resource, the measured deliverability in the initial pilot wells proximity to market [and] infrastructure, and the state of the gas market makes this a very valuable resource.”
The assessment related to the northern part of the block where appraisal activities have been concentrated to date, which covers about 25% of the total permit area.
Comet Ridge confirmed that there was significant upside to the rest of the project.