Ann: Reserves Upgrade - Kincora Gas Project, page-13

While we're waiting the outcome of the Trading Halt, this is part of a post from the Strike forum. It appears to come from a paid analyst newsletter, the name has been asterisked out. Thanks @rick23

Armour Energy general manager Richard Fenton suspects mergers between companies are still to come.
“It would not be unrealistic to assume that there will consolidation of companies that have significant uncontracted 2P reserves and exploration upside, be those through lower risk farm-in arrangements, or pure M&A,” he told *.
“Companies that have 2P or 3P reserves and exploration tenure, companies will be highly attractive to larger companies that have the funds to accelerate production to full plant capacity in order to support their Australian domestic gas supply obligations, especially those that are already connected and producing to the east coast domestic market.”
And supply is predicted to start getting tight both for the already-stretched LNG terminals and the domestic market.

A new report by consultancy Energy Quest suggests there are only sufficient Proved and Probable (2P) gas reserves and production to meet east coast domestic demand until around 2026.
Further, there is growing uncertainty around the commerciality of coal seam gas reserves, with about 3,000 petajoules (PJ) of 2P reserves in Queensland written off in the last year.
“From around 2025, production from Queensland’s coal seam gas fields is expected to fall by more than 100 PJ per annum in deliverability – the equivalent of an LNG import terminal every year,” the report said.
“This will force a cut in output from six to four LNG production trains [terminals] at Gladstone.”
Wood Mackenzie’s Mr Toleman believes QCG and APLNG may need extra reserves for later in the 2020s, but it’s more urgent for Santos which famously commissioned its LNG terminal without locking in place all of the necessary gas to feed it.
These are the companies that could be on a shopping list
For the large acquirer, Queensland doesn’t actually have as many attractive targets as you’d think.
According to data crunched by *, the only producers listed and unlisted that are not already owned by a billion-dollar behemoth are Armour and Senex.
Two other producers fit this description but sit just outside Queensland: Cooper Energy is in the corner of the Cooper Basin that’s in north-east South Australia, and Central Petroleum works in the Northern Territory, but after hooking into the Northern Gas Pipeline can now sell into the east coast.

Viable explorers — those which are actively developing fields — could also be on the block down the track if they can firm up resources into reserves.
‘Reserves’ refer to oil or gas discoveries that are commercially recoverable using existing technology while a resource is an initial, untested estimate. A 2P means it’s proven and probable, while a 3P includes ‘possible’.