BOW Energy has announced a reserve upgrade for its Blackwater CSG field located west of Gladstone, Queensland which increases the company’s total net 3P reserves 50% to 993PJ and is 32% more than the group’s end of 2009 3P reserves target.
Independent consultants MHA Petroleum Consultants, LLC have now certified 886PJ of 3P gas reserves within the Rangal Coal Measures of the Blackwater CSG field, located in Bow’s 100% owned Comet CSG block (ATP 1025P).
Bow Energy says MHA has also certified an additional 330 PJ of 2C contingent resources within the Rangal coal seams at depths greater than 600 metres in the south eastern corner of the Blackwater CSG field.
The mining company says it intends to drill one deep core hole in the 2C area in the near term with the aim to convert the resources to reserves. A further reserve increase from the deeper Burngrove Coal Measures in the Blackwater CSG field is anticipated prior to the end of 2009.
Located in the heart of one of Australia’s top rated CSG provinces, the Blackwater CSG field lies 230 kilometres west of the Port of Gladstone where a number of world-class export LNG projects are being planned by third parties using CSG as a feedstock. Bow has commenced investigations for pipeline access and routes from the Blackwater CSG Fields to supply both domestic and export gas markets.
Bow claims it is currently investigating high yield power generation strategies initially in the Blackwater area. The strategy is to generate early cash flows from power generation whilst evaluating longer term supply opportunities.
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