D3 Energy Limited (D3E), an Australian gas company, has announced the first reserves certification for its wholly-owned ER315 project in central South Africa.
It said in an update on July 24 that the reserves, which were independently certified by global consulting group, Sproule ERCE, show 5,45bn cubic feet (bcf) of proven reserves (1P), 10,91 bcf of proven plus probable reserves (2P) and 17,36 bcf of recoverable methane (3P) in the production right application (PRA) area.
It also has 0,353 bcf, 0,706 bcf and 1,124 bcf of 1P, 2P and 3P helium reserves respectively.
The estimate is only for the PRA area at this stage, which constitutes about 15% of the total area of ER315 and 9% of all contiguous tenements held by D3E.
Within the PRA, the ASX-listed company said, the reserve volumes cover the planned development of the first 16 wells, which “conservatively” represents 37% of the currently planned wells in the PRA.
D3E MD David Casey said the independent certification is an impressive milestone, especially due to the fact that it covers a small area of a larger portfolio.
“Results from ER315 have exceeded expectations, with drilling and production testing yielding excellent results which have enabled this earlier and larger than excepted reserve certification. It is essentially the last piece of the puzzle which will allow us to apply for what will potentially be only South Africa’s second onshore production licence.'
The reserves report, D3E said in the release, will now allow the PRA to be submitted to authorities in the African country about a year ahead of schedule, and under budget.
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