Looks like independent consultants 'Graham McClung and Associates' review CTP's Blamore hole to hold BIG potential for gas. Which is really good news. From announcement quotes:
Review of gas data, Purni Formation, Blamore 1
Total gas and chromatographic data from coals in the Purni Formation, Blamore 1, together with thickness data, indicate that the coals are capable of generating a considerable range of light hydrocarbons, and show indications of good permeability.
Coal studies have shown that these Permian coals are exinite rich and under appropriate conditions could generate significant quantities of liquid and gaseous hydrocarbons. Provided that the gas recorded in these coals has not leaked from an underlying oil or gas reservoir, the data strongly suggest that light hydrocarbons have been, and perhaps still are, being generated.
High volumes, particularly of methane, also suggest good permeability. Mud weights of 8.8 – 9 ppg should prevent gas from the undrilled seam from entering the mud, so it is likely that the gas recorded has been derived solely from cuttings. The high gas levels suggest that gas has desorbed rapidly from the cuttings, suggesting good permeability.
Although much work needs to be done, the combination of thick seams, high net coal in the Purni Formation, high gas records ranging from C1 to C5 and indications of good permeability suggests that the coals of the Pedirka Basin could contain a large undiscovered potential resource of producible gas.
Given the good quality of coals to depths of at least 1900m, the high reservoir pressure could also result in high gas flow rates once coals have been dewatered.
And thats comming from an independent source. So all good news. The only downside is drill pipe stuck at the moment lol. Which is actually kinda funny.
CTP Price at posting:
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