Conix
Helium is priced at US$100/mcf compared to conventional gas which is US$4/mcf. So thats a multiple of 25x.
As for Magee-1, one of the reason for it to flow at low rates was the thinner 'Heavitree Quartzite section' (about 6.3m in thickness, from 2341.7m to 2348m depth ). Location for M-1, was picked by Pacific Oil & Gas back in '92.
However, at M-2, CTP are targetting a thicker HQ-section ~160m, so their gas in place estimates are naturally higher. Helium in place is 15 bcf. With a 50% recovery rate, u r looking at 7.5 bcf recoverable He times US$100, thats what CTP are looking at from an unrisked IGV perspective. I'd like to see how Patersons analysis crunch on this at some stage.
Still a long way to go. They plan to drill Ooraminna-2, which also has gas. So Helium could b on the back-burner.
cheers
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