morton gas discovery pilot well update agm , page-32

Source: News Bites

Red Sky Energy Ltd has upgraded the recoverable reserves classification for the Clarence Moreton Basin in north east NSW.

The reserves are based on the recently drilled Annvale 1 and Talma 1 wells. At PEL 479, probable reserves are 17PJ and possible reserves are 159PJ. At PEL 457, possible reserves are 221PJ, and contingent resources are 629PJ.

Managing director Rohan Gillespie says the upgrade is an important milestone for the company. "To put these gas volumes in perspective, the 2P and 3P reserves alone, if used to fuel local power generation, would be sufficient to provide all the electricity needs for the communities between Coffs Harbour and Tweed Heads for 20 years," he said. "This gives us the impetus to start planning production pilots and gas commercialisation."