- 2P Total Reserves increase of 14% at Palm Valley to 2.1 million barrels of oil equivalent
(mmboe), associated with the successful drilling and flow performance of the PV-12 well.
- 2P Total Reserves increase of 13% at Dingo to 3.5mmboe, owing to ongoing strong
performance from the wells and additional modelling work.
New Zealand Oil & Gas Limited and the other Joint Venture partners have
upgraded their reserves in the Palm Valley and Dingo gas fields in the Amadeus Basin, Northern
Territory, central Australia.
New Zealand Oil & Gas Chief Executive Andrew Jefferies says the reserves upgrade is significant
news for the Company.
“It’s great to see hard work pay off in reserves additions” says CEO Andrew Jefferies “drilling at
Palm Valley and some excellent technical work has shown there is more gas in the ground in our
Amadeus Basin assets. These assets provide much needed energy for both Central Australia which
is working hard to provide the e-materials we need to transition; and the East Coast which is
moving off coal to unreliable wind and solar, with gas the only sensible option to fill in the everwidening gap. Gas is a three-letter word for transition.” At Palm Valley, the movement of resources previously classified as Contingent Resources (2C) through to 2P Reserves is due to the drilling and completion of the PV-12 production well and the sustained successful production performance.
Further review and updates to the reserves and resources at all fields is ongoing and New Zealand Oil & Gas will include a comprehensive statement in the upcoming annual report.