More Metgasco gas reserves

An independent certifier has confirmed Metgasco coal seam gas reserves in its PEL 13 exploration area, which largely covers areas south and west of Casino. It is the first time reserves have been certified in PEL 13 and adds to Metgasco’s currently certified reserves in its adjacent exploration lease PEL 16, which encompasses Casino and runs east towards Lismore.

The PEL 13 reserves are the result of drilling two wells on the eastern boundary of PEL 13, called Bowerbird E01 and Bowerbird E02, while PEL 16 has been more extensively explored and contains greater reserves.

The new certified gas reserves in PEL 13 represent just 21% of that area, and Metgasco CEO Peter Henderson said with further exploration the company fully expecting to increase its coal seam gas reserves “significantly”.

“We have only explored a small part of three exploration leases in the Northern Rivers region (PEL 13, PEL 16 and PEL 426),” he said. “Metgasco has a very good reserve position, particularly for a small company, comparing favourably with some of the larger Queensland projects.”