berwyndale south gasfield wells now averaging abov

QUEENSLAND GAS COMPANY LIMITED
ABN 11 089 642 553
Level 11
307 Queen Street, Brisbane QLD 4000
GPO Box 3107, Brisbane QLD 4001
Tel: 07 3004 1000 Fax: 07 3012 8411
Website: www.qgc.com.au
Email: [email protected]
For further information contact:
Mr Richard Cottee
Managing Director
Queensland Gas Company Limited
Telephone: (07) 3004 1000
Facsimile: (07) 3012 8411
Website: www.qgc.com.au
22 August 2006
ASX ANNOUNCEMENT
Berwyndale South Gasfield wells now averaging above 1 million cf/d
The Queensland Gas Company (“QGC”) Berwyndale South Gasfield wells are now averaging over 1
million cubic feet per day (cf/d) – a striking increase over the 575,000 cf/d used in the “Bankers Case”
for the funding of the gasfield development.
The result is that QGC is now delivering to both CS Energy and Braemar Power in excess of the full
contractual volume of 8 Petajoules (PJ) per annum; and in each case, some 3 months earlier than
required under the two contracts.
“The delivery of gas to Braemar has essentially been achieved from the wells originally drilled to meet
the CS Energy contract” said QGC Managing Director Richard Cottee. “The wells scheduled to be
drilled for Braemar are now being utilised for the implementation of our Growth Acceleration Strategy.
The new gas reserves will be available to meet Condamine Power Station needs or new external gas
contracts,” Mr. Cottee said.
“As a general comment, none of the Berwyndale South Gasfield wells show any indication of peaking,
and the responsiveness of the wells to being shut-in has been beyond expectations” said Richard
Cottee.
“One of our customers went off line on 22 July 2006 and as a consequence, QGC shut-in 6 high
performing wells; but when our customer came back on stream, we were able to immediately ramp up
to the full rate at which we shut –in”, Mr. Cottee said.