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Metgasco (ASX:MEL) - Chairman, Philip Amery
Chairman, Philip Amery
Source: Metgasco
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  • Metgasco (MEL) says an independent certification has upgraded Contingent Resources at the Odin Gas Field in the Cooper Basin
  • ERC Equipoise certified there is 36.4 billion cubic feet of gross 2C Contingent Resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations
  • That represents a 190 per cent increase in the pre-drill 2U gross Prospective Resources for Odin
  • MEL has stakes in two permits, PRL 211 and ATP 2021, in the Cooper Basin with a review now being carried out on the Vali fields
  • Company shares closed flat at 2.5 cents each

Metgasco (MEL) says an independent certification has upgraded Contingent Resources at the Odin Gas Field in the Cooper Basin.

ERC Equipoise certified there is 36.4 billion cubic feet of gross 2C Contingent Resources in the Toolachee, Epsilon, Patchawarra and Tirrawarra formations.

That represents a 190 per cent increase in the pre-drill 2U gross Prospective Resources for Odin.

MEL has a stake in two permits located in the Copper Basin, PRL 211 and ATP 2021, which it has a 21.5 per cent at 25 per cent interest in respectively.

The company’s own shares of Odin’s resources, taking into account its stake in the field, is 8 billion cubic feet of 2C Contingent Resources.

Metgasco Managing Director Ken Aitken said he was pleased with the results and the successful drilling program carried out at Odin.

“The independent certification of a significant increase in the Odin gas field resources is a great outcome and confirms another sizeable gas discovery, circa 7 kilometres from the CY2020 Vali field gas discovery,” Mr Aitken said.

“Odin1 has conventional gas flow potential in the Toolachee and Epsilon reservoirs which are under consideration to be tested to assist future appraisal planning and conversion of Contingent Resources to Reserves.”

MEL said an independent review was now being carried out on the Vali field, which is also located within ATP 2021 permit area.

Mr Aitken said he was confident the results would be pleasing.

“Excellent results from Odin-1 and the appraisal drilling of Vali-2 and 3 provide confidence that both fields should be producing gas into the high price East
coast gas market in CY2022 and delivering significant production revenue to Metgasco for decades,” he said.

Company shares closed flat at 2.5 cents each.

MEL by the numbers
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