Strike Energy said that consulting firm DeGolyer and MacNaughton has certified contingent gas resources at the Southern Cooper Basin Gas Project in PEL 96.
DeGolyer and MacNaughton has estimated a contingent gas resource for the initial zones that have been flow tested within the Le Chiffre 1 and Klebb 1 wells. As these zones only represent a portion of the net coal encountered at these locations, successful flow testing of additional zones will enable an increased contingent resource to be booked.
DeGolyer and MacNaughton has estimated a threshold economic field size of 150 Bcf of sales gas (gross) which is the minimum amount of gas required to be recovered to underpin a commercial development. The TEFS estimate was based on actual cost data and indicates that the existing 2C sales gas volume of 155 Bcf will be sufficient to underpin a project development.
1C and 3C sales gas volume (gross) have been estimated at 105.05 and 225.7 respectively.
Strike Energy is the operator of the PEL 96 with a 66.7% while 33.3% stake in the Southern Cooper Basin Gas Project is held by Energy World Corporation.