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What is it really worth?, page-89

  1. 460 Posts.
    lightbulb Created with Sketch. 118
    Great analysis MM

    I'm not too concerned myself about a lower than expected upgrade - based upon what some 'experts' said after yesterdays conference

    Must ask yourself how many ICG/UCG 'Experts' there actually are in Australia - most of them work in Government or for the likes of LCK

    Certainly none posting on here ha ha!

    None appear to work for PRMS Accredited Certifiers in Australia - as evidenced by the fact a North American company is carrying out the upgrade assessment

    I appreciate there may have been people there yesterday who know the O&G industry inside and out, but as LCK have been suggesting, this technology represents a paradigm shift in said industry - i.e. how much can these people claim to know? 

    A simple read of the JORC and PRMS statements shows the level of risk applied to the 2C number due to the unknown (as you point out), the whole point of the PCD was to de-risk and turn as much of the unknown into known so to speak - the MHA PRMS statement says exactly that : (LCK Initial PRMS ISG Gas Resources Certification, 8th Jan 2016)

    The Contingent Resources estimated by MHA utilized deterministic estimation method. It is the opinion of MHA that there are no Reserves associated with the project at the current time. The key contingency which is currently preventing the Contingent Resources from being classified as Reserves is the lack of a filed ISG pilot. It is the understanding of MHA that a filed ISG pilot is planned for the near future. Once filed pilot testing has been conducted at LCEP, and those data have been reviewed, then it may be appropriate to update the estimates presented in this evaluation to include Reserves. The conversion of coal to synthetic gas, also known as "syngas", is a commercially viable technology that has been successfully applied in analogous coal deposits elsewhere in the world. 

    I fully accept that only one seam will be assessed in the 2P upgrade process, and of course the need to allow for pillars between chambers to negate the risk of ground subsidence, avoiding faults and so on, but the Main series is an extensive coal seam across PEL650. 


    Just my two cents 
 
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