- Independently certified Gross 2P Reserves of 33.2 PJ (8.3 PJ net working interest to Metgasco)
- Excellent conversion of 2C Contingent Resources to 2P Reserves realised
- Potential for future resource bookings in the Tirrawarra, Toolachee and Nappamerri formations
- Tie-in discussions for Vali Field to the Moomba gathering system are well advanced
- Gas sales negotiations ongoing
Metgasco Ltd (ASX:MEL) (“Metgasco”) is pleased to advise that ERCE recently completed an independent review of the Vali gas discovery (Metgasco 25%, Bridgeport energy 25% and Vintage Energy Limited 50% and operator) and subsequent flow results, and has certified 1P, 2P and 3P reserves for the Patchawarra Formation.
The Vali-1 ST1 well discovered stacked gas pay in the Nappamerri, Toolachee and Patchawarra formations, however, the scope of the ERCE reserves certification was for the Patchawarra Formation reservoir only. This reserves booking is the first for Metgasco and supports rapid commercialisation of the Vali gas field with its planned connection into the Moomba gathering system.
In its report, ERCE estimated gross 1P reserves for the Patchawarra Formation only of 12.3 billion standard cubic feet (“Bscf”), 2P of 30.3 Bscf and 3P of 78.9 Bscf, which equates to 1P of 13.4 petajoules (“PJ”), 2P of 33.2 PJ and 3P of 86.6 PJ.
Metgasco is hopeful that gas produced from the Vali Field may be materially greater than the 2P figure estimated by ERCE, with that upside to potentially come from stacked reservoirs including the shallower Nappamerri Group and Toolachee formations.
Metgasco was awarded 100% of the ATP2021 licence in 2018 and within a year successfully farmed out a 50% licence interest and operatorship to Vintage in May 2019, followed by a further 25% interest to Bridgeport in August. In a short space of time the JV, under Vintage’s operatorship, successfully drilled Vali-1 ST1, then stimulated and tested the well to realise a gas reserves booking. The farm-outs resulted in Metgasco being free carried for the drilling of the Vali-1 ST1 discovery well.