They will need to be as good as the Surat Basin fields, yeah. They are not going to be as good as the Bowen Basin fields under any circumstances (which is why I am so irate at the writer of CTP's independent report who used best case Bowen Basin gas contents for his estimate).
Unfortunately the results released from the first CSG well were nowhere near good enough (around 1 cu.m/t - for comparison the estimate used was 11 cu.m/t), but CTP made the right decision to go chasing biogenic gas for subsequent wells so if we are lucky they may have found a Surat Basin analog. If we can find in excess of 4 cu.m/t we may have a CSG resource.
The NSAI report should be out soon anyway so we will see. If the results are no good, forget CSG altogether.
CTP Price at posting:
27.0¢ Sentiment: None Disclosure: Held
