Cooper Basin focused oil & gas exploration company Real Energy Corp. Ltd. provided Tuesday details of its independent estimates of contingent gas resources and upgrade its unconventional prospective gas estimates at its Cooper Basin Permit, ATP927P in southwest Queensland, Australia.
The resource upgrade follows the successful drilling and testing program undertaken by the company during the 2015 financial year, with the prospective OGIP resources for ATP927P effectively increasing by more than 141 percent to 13.761 trillion cubic feet (Tcf) (13,761 billion cubic feet or Bcf) from pre-drilled estimates of 5.7 Tcf.
The estimates of contingent gas resources and unconventional prospective gas resources in ATP927P have been independently certified by DeGolyer and MacNaughton, a leading international petroleum industry consulting firm.
The estimates of contingent resources are based on the area surrounding the two successful gas wells, Queenscliff-1 and Tamarama-1, located within the exploration permit ATP927P. Discovery status is based on definition under the SPE/WPC Petroleum Resource Management System (PRMS) 2007. A summary of the gross estimates of contingent gas resources for ATP927P is provided below:
In addition to the Contingent Resources, the mean gross prospective natural gas resources for ATP927P are:
The Contingent Resources estimates are based on the arithmetic summation method for estimates of gross wet gas contingent resources quantities as at June 30. The gross contingent resources are defined as the total petroleum that is potentially recoverable from known accumulations.
The target intervals are Permian age lacustrine and fluvial sediments of the Toolachee and Patchawarra formations. Existing well data and two-dimensional (2-D) seismic lines, significant log and test data have been gathered to characterize the target interval. The data was gathered from the subject wells and open file data from wells in adjacent permits. Information from these wells was used to generate petrophysical properties and thickness used to prepare the resource calculation.
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