Galilee Energy Limited (Galilee or the Company) provided Tuesday the upgrade of its coal seam gas Contingent Resource estimation at ATP 529P located within the Galilee Basin in Queensland, Australia.
As a result of the step out drilling and pilot production testing completed in the permit the 2015 Contingent Resource estimation completed by MHA Petroleum Consultants LLC (MHA) covers a significantly larger area than previously assessed. This includes data from 8 step out wells as well as the pilot and pressure monitoring data from the Glenaras Pilot production completed subsequent to the 2011 SRK Consulting Report.
MHA have attributed the increase in the Contingent Resources to Galilee’s net equity interest (being 100 percent) in ATP 529P using the deterministic method to prepare the estimates of the Contingent Resources as at Aug. 31.
The updated ATP 529P 2015 Contingent Resource estimation increases contingent resources by 868 percent (2C) and 388 percent (3C). The following table summarises the changes to the ATP 529P Contingent Resource.
Source: SRK Consulting (2011); MHA Petroleum Consultants LLC (2015)
Managing Director Peter Lansom said “The ATP 529P resource upgrade highlights its significant potential to become an economic gas supplier into the Australian east coast gas market. The larger resource greatly improves the projects economics and feasibility as a high quality gas supplier to meet the forecasted east coast gas shortage.”
Galilee intends to expedite the R1 coal seam test program at ATP 529P. The R1 coal seam test will target the production potential of the uppermost R1 coal seam, allowing pressure drawdown of the coal without any contribution from neighboring sands. Testing is planned to commence early in the 4th quarter 2015.
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