Galilee Upgrades CSG Contingent Resource Estimates at Queensland's ATP 529P
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.
ATP 529P
- Low estimate Contingent Resource (1C) in petajoules (PJ)
- 2011 (SRK) - 11.8
- 2015 (MHA) - 307.8
- Best estimate Contingent Resource (2C) in PJ
- 2011 (SRK) - 258.9
- 2015 (MHA) - 2,507.5
- High estimate Contingent Resource (3C) in PJ
- 2011 (SRK) - 1,089.9
- 2015 (MHA) - 5,314.1
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.
12
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension