Quick lesson in gas reserves.
Right now, HHR have 356 Bcf of 2c gas , 217 Bcf from Phase 1 and 139 Bcf from Phase 2.
However, their latest independent (Xodus) geological reservoir modelling suggests the Phase 1 fields Somerville (Viking) and Anning (Victoria) has a gas initially in place (GIIP) of 587 Bcf, and not 356 Bcf. If this was then converted to 2C gas then HHR's total portfolio would be 726 Bcf of 2C gas.
The question remains: how much of their 2C gas will become 2P. We should know that once a technical audit of Phase 1,2 and 3 resource estimates has been done and a new Competent Persons Report (CPR) has been completed.
Luckily for us, tenders have already been invited and received with bid evaluations being done for this job.
Not sure how long this takes, but Monday's report I thought was highly encouraging.
Ann: UK Southern Gas Basin Corporate & Operational Update, page-31
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