Carbon Energy says an independent consultant has confirmed a significant increase in its gas reserves in Queensland’s Surat Basin.
Emerging Queensland gas supplier Carbon Energy has significantly increased its estimated reserves in the Surat Basin.
An independent consultant has confirmed the company has “proved and probable” reserves of 1,128 petajoules of natural gas equivalent, more than doubling the company’s total reserves.
Carbon Energy said this provided a solid foundation for the development of its Blue Gum Gas project, near Dalby, which could deliver first supply from 2017.
Carbon Energy has developed its own method of extracting gas from coal reserves which it says is low cost and can be carried out with no environmental harm.
The company’s shares were 0.3 cents higher at 2.6 cents at 1450 AEST.