On target: in the onshore Otway basin
Adelaide racks up Otway tally
Adelaide Energy said an independent report had estimated total proved reserves of 70,460 barrels of oil equivalent at its Jacaranda Ridge 2 gas and condensate discovery and Limestone Ridge 1 reserve in the onshore Otway basin in south-east South Australia.
The assets lie on South Australia permits PEL 255 and PRL 2 respectively.
The study, by Resource Investment Strategy Consultants, estimated probable reserves of 202,423 boe and possible reserves of 425,451 boe at the fields.
This includes proven reserves of 36,844 boe, probable reserves of 131,000 boe and possible reserves of 280,655 boe at Jacandara Ridge and proved reserves of 33,624 boe, probable reserves of 71,423 boe and possible reserves of 144,796 at Limestone Ridge.
Adelaide said it would press ahead with plans to tie the wells in to its Katnook gas facility.
The company said it had also successfully bid for two new petroleum licences in the onshore Otway basin, OT2008 B and D. Both licenses lie close to existing infrastructure with Block B close to the Jacaranda 2 and Limestone Ridge assets.