Business
IGas' net Contingent Resource
IGas' net Contingent Resource.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n RNS Number : 6090M Island Gas Resources PLC 02 February 2009 \n02 February 09\nISLAND GAS RESOURCES PLC\n('IGas' or 'the Company')\n\nDeGolyer and MacNaughton assess IGas' net Contingent Resources to be up to 733 Bcf (3C) with a best estimate potentially recoverable resource of 503 BCF (2C)\n\nIGas, one of the leading coal bed methane developers in the UK, is delighted to announce that an independent evaluation of its net Contingent Resources has concluded that it has a potentially recoverable resource of up to 733 Bcf (3C), which is equivalent to 116million barrels of Oil; as derived from a statistical aggregation of contingent 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. The results are summarised in billions of standard cubic feet (Bcf), in the table below:\n\n\n\n\n\n\n\nContingent Resources*\n\n\nAll numbers are IGas' Net share as at 31 December 2008\n\n\n\n\n\n\n\n1C\n\n\n2C\n\n\n3C\n\n\n\n\nStatistical Aggregate\n\n\n346Bcf\n\n\n503Bcf\n\n\n733Bcf\n\n\n\n\n\n\n\nDeGolyer and MacNaughton have prepared the Contingent Resource estimates in accordance with the Petroleum Resources Management System (PRMS), an industry recognised standard. Contingent 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. \n\nThe estimates of Contingent Resources cover all of the properties owned by IGas as of 31 December 2008, which are located in Lancashire, Cheshire, Yorkshire, Staffordshire and on and offshore North Wales. \n\nWith the recent granting of the Company's first Field Development Plan by the government and its recently announced land access deals, the Company is now well placed to start planning development decisions to progressively convert elements of its Contingent Resources into recoverable reserves\n\nAndrew Austin, IGas CEO said: 'These findings are a vindication of IGas' acquisition and development strategy and endorses our belief and confidence in the...