Business
IGas Confirms Recoverable Res
IGas Confirms Recoverable Res.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n RNS Number : 1039G Igas Energy PLC 26 January 2010 \n \nIGas Energy plc\n('IGas' 'the Company' or 'the Group')\n\nDeGolyer and MacNaughton confirm IGas' net Contigent Recoverable Resources up over 40 per cent\n\nThe board of IGas, a domestic gas producer and the UK's leading coal bed methane (CBM) developer, is delighted to confirm that IGas' mid-case net Contingent Recoverable Resources have increased by 41% from 571Bcf to 807Bcf (2C). IGas' high case gas in place is now in excess of 8.5Trillion cubic feet.\n\nThis follows the completion of a £13.75m placing and farm-up agreement with Nexen in December 2009. The 807Bcf, which equates to around 140 million barrels of oil, is derived from a statistical aggregation of Contingent Recoverable Resource ranges calculated on an individual coal seam basis. \n\nThe evaluation was carried out by the world-renowned international petroleum consulting firm DeGolyer and MacNaughton. These results reflect only the changes in equity that have taken place since the report was initial written assessing the contingent recoverable resources of the group as at 31st December 2008 (the Report). The results are summarised in billions of standard cubic feet,in the table below:\n\n\n\n\n\n\nContingent\nRecoverable Resources*\n\n\nAll numbers are IGas' net equity share as at 10 December 2009 \n\n\n\n\n1C\n\n\n2C\n\n\n3C\n\n\n\n\nStatistical Aggregate\n\n\n554Bcf\n\n\n807Bcf\n\n\n1,176Bcf\n\n\n\n\n\n*DeGolyer and MacNaughton have prepared the Contingent Recoverable Resource estimates in accordance with the Petroleum Resources Management System (PRMS), an industry recognised standard. Contingent Recoverable Resources are defined as discovered potentially recoverable quantities of hydrocarbons where there is no current certainty that it will be commercially viable to produce any portion of the contingent resources evaluated. Contingent Recoverable Resources are further divided into three status groups: marginal, sub-marginal, and undetermined. IGas' Contingent Recoverable Resources all fall into the undetermined group. Undetermined is the status group where it is considered premature to clearly define the ultimate chance of commerciality\n\nThe estimates o...