We are exploring, appraising and developing the vast gas resources of the Clarence-Moreton basin in northern New South Wales. Covering an area of approximately 1.5 million acres, the basin is prospective for both coal seam gas and conventional hydrocarbon resources.
Metgasco has already established a large certified natural gas reserve position in New South Wales gas with the following gross reserves in PEL 16
Metgasco Gas Reserves are Independently Certified by MHA Petroleum Consultants (Denver)
All reserves are from coal seam gas and so far these have been recognized over less than 5% of the Company’s acreage position.
Metgasco is at the very beginning of our conventional exploration program. We are excited that the first well we have drilled, Kingfisher E1, delivered a discovery.
Gas from natural gas reserves, is a clean, low greenhouse gas emission fuel. When it is used to generate electricity it produces approximately 45% of the emissions produced by coal fired electricity generation. As Australia moves to a more carbon constrained economy, the use of gas as a transitional fuel will become increasingly important.
With its growing certified natural gas reserves close to energy markets and plans for electricity generation, Metgasco is planning on becoming a major supplier of gas to eastern Australian energy markets.
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Source: metgasco, August 06, 2010;