Over on NWE thread which I also hold, a HCerite called 'TBE' posted on the value and equivalent in gas finds of 1TCF - I think it is an excellent post for us all:
'This is what BPT had to say on Aug/2011:
A contingent resource of 2 trillion cubic feet (TCF) of gas has been booked for the two wells, a volume that will have a material impact on Beach’s resource update, which will be released later this month. Substantial upside potential still exists to expand this resource estimate through further evaluation and flow testing during follow up exploration and appraisal activity.
Mr Nelson said, “The booking of a contingent resource of this size is a clear indication of the potential within our unconventional gas acreage in the central Cooper Basin.” To put the quantum of this 2 TCF resource booking for PEL 218 into perspective: • It is approximately one third of the total historical gas production from the Cooper Basin (estimated at 6 TCF);
* It is in excess of 330 million barrels of oil equivalent;
* and It is approximately 5 times Beach’s 30 June 2010 reserves figure.
The Holdfast-1 and Encounter-1 shale wells have been assigned an initial gas resource estimate of 1TCF each, based on a restricted area of 100km2 around each well.'
Can't wait for our Cooper basin results!
AKK Price at posting:
2.8¢ Sentiment: LT Buy Disclosure: Held
