Sugarloaf Gas and Condensate Project >> Contingent Resource – Independent Report
On 1 October 2009 Aurora Oil & Gas Limited (“Aurora”), being an ASX listed company with an interest in the Sugarloaf AMI and other AMI’s within the Sugarkane Field, published results of an independent review of their acreage and potential recoverable hydrocarbon volumes which was undertaken by Netherland, Sewell & Associates, Inc (“NSAI”). NSAI are a leading independent certification authority, who has acted on behalf of some of the largest shale development companies in the USA including Petrohawk Energy Corporation.
This announcement allocated a 2C contingent resource for Aurora’s working interest across the two horizons (Austin Chalk and Eagle Ford Shale) that constitute the Sugarkane reservoir. Extrapolating from the contingent resource announced on the basis of Eureka’s net acreage position indicates an approximate 2C contingent resource for Eureka’s 6.25% post farmout working interest of approximately 29Bcf of gas and 5mmbbls of condensate.
This equates to approximately 7.4 mmboe* net to Eureka.
*ratio of 12 mcf of gas = 1 boe