Reserves
Gas-in-place
PEL 238 (ESG 65% & Gastar 35%), the main focus of ESG’s current development programme, has been independently estimated to contain up to 17 Tcf of Coal Seam Gas within the two thickest coal seams, a substantial percentage of which is expected to be producible.
The gas-in-place potential of PEL 433 and PEL 434 is presently difficult to estimate owing to the limited extent of exploration activity carried out to date.
Reserves
The first independently certified CSG reserves on PEL238 (ESG 65% & Gastar 35%) were announced as at 1 September 2007. A substantial increase in reserves was achieved as at 31 December 2007 following completion of the 2007 core hole drilling programme.
PJ |
1P |
2P |
3P |
Sep 07 |
21 |
59 |
– |
Dec 07 |
21 |
185 |
1,300 |
Reserves Target
ESG's objective is to increase 2P Coal Seam Gas reserves to 1,300 by the end of 2009.
Reserves upgrades are expected to be achieved through exploration of further prospects identified across PEL 238.
Target 2P Reserves
Source: ESG
It should be noted that ESG’s 2P reserves targets reflect MOUs currently in place for gas sales to third parties and that ESG is market constrained as opposed to resource constrained. The Company is capable of considerably exceeding these targets and with an appropriate work programme aspires to achieve independently certified 2P reserves of between 1,300 and 2,000 PJ by the end of 2009.
