ECU 3.85% 25.0¢ eastern corporation limited

Eastern Corp is another Queensland based gas explorer. It...

  1. 438 Posts.

    Eastern Corp is another Queensland based
    gas explorer. It specialises in one of the hottest
    topics in energy, coal seam gas (CSG). Eastern Corp
    holds a 68% ownership in the Galilee Energy project
    located in central Queensland.
    Its the light blue area in the middle of the map at
    the bottom left of this page.
    You may have heard of the Bowen Basin and Surat
    Basin coal, oil and gas fields in Queensland. But
    you may not have heard about the Galilee Basin.
    Well, its next to the gas rich Bowen Basin. And it is
    just several hundred kilometres from the area that
    Linc Energy had explored so successfully with the
    Emerald Teresa coal tenement.
    The reason this is a gamble is Eastern are still at the
    early stages of developing the project. But that
    hasnt stopped Australias leading energy provider,
    AGL, from a commitment to invest $37 million in
    Easterns CSG project at Rodney Creek.
    This is a project that consultants JR Holland &
    Associates have reported as having a 97% methane
    content and a Gas in Place estimate of more than
    20 trillion cubic feet. Just to put that in context, the
    Gorgon Project operated by Chevron is estimated
    to have a resource of 40 trillion cubic feet.
    Bottom line: If this project reaches its potential we
    are potentially looking at a very big return. How
    big? Remember, this is still early days for Eastern
    and a lot can happen.
    But lets draw on some real numbers that have been
    used elsewhere in the industry. When BG Group
    attempted to takeover Origin Energy it valued the
    reserves at about 60 cents per gigajoule. But that
    was trumped when ConocoPhillips offered Origin
 
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