NuEnergy announces results of resource certification
Thursday, February 28 2013 - 02:52 AM WIB
ASX-listed NuEnergy Gas Limited announced on Wednesday the results of the independent resource certification by RPS Energy Consultants Limited (RPS) at the Muara Enim (ME) Production Sharing Contract ( PSC ) in South Sumatra, Indonesia.
The issued independent contingent resource certification at Muara Enim PSC 1 consists of 3C Contingent at 97.5 billion cubic feet (Bcf) of gas, 2C Contingent at 2.1 Bcf of gas, and 1C Contingent at 2.1 Bcf of gas, the company said in a press statement on Wednesday.
?The independent Contingent Resource Estimate builds on the strategic value of the Muara Enim PSC Block. Having flared gas, signed a memorandum of understanding for the sale of gas at $10 per MMBTU and now achieved a Contingent Resource, the path to proven reserves and first gas sales is substantially complete,? the Company?s Chairman Graeme Robertson said.
He added that the Company will continue to work towards the goal of being a gas seller this year and drill to increase output and generate revenue.
The next step for NuEnergy?s resources is to convert these contingent resources to reserves. Reserves (1P, 2P and 3P) are differentiated from contingent resources (1C, 2C and 3C) by their commercial status.
RPS said that the chance of development, as part of the chance of Ccmmercialisation of the contingent resources is deemed to be high and estimated to be 70 percent.
Editing by Benget Besalicto Tnb.