I erred in my comparison of resource, I was looking at the info from the IGAS announcment Feb 2, 09 and comparing with EPG announcement from first quarterly for this calendar year further below. EPG was 3681bcf while IGAS is 1682bcf. EPG dont provide the split between C1, C2 and C3 thus I am unsure how to compare these figures.
IGAS ---- DeGolyer and MacNaughton assess IGas' net Contingent Resources to be up to 733 Bcf (3C) with a best estimate potentially recoverable resource of 503 BCF (2C)
IGas, one of the leading coal bed methane developers in the UK, is delighted to announce that an independent evaluation of its net Contingent Resources has concluded that it has a potentially recoverable resource of up to 733 Bcf (3C), which is equivalent to 116million barrels of Oil; as derived from a statistical aggregation of contingent resource ranges calculated on an individual coal seam basis.
The evaluation was carried out by the world renowned international petroleum consulting firm DeGolyer and MacNaughton. The results are summarised in billions of standard cubic feet (Bcf), in the table below:
Contingent Resources* All numbers are IGas' Net share as at 31 December 2008
1C 2C 3C
Statistical Aggregate 346Bcf 503Bcf 733Bcf
EPG --- Contingent Resources as at October 2008 Lorraine C1 + C2 + C3 1899 Lorraine Sud C1 + C2 + C3 1782 TOTAL 3681 bcf
EPG Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held