The independent certification run by Netherland Sewell & Associates has identified 163 billion cubic feet (bcf) – 169 Petajoules (PJ) – of proved, probable and possible gas reserves at the field which covers about 17% of the permit.

Proved reserves total 8.7 PJ in the Upper Juandah coals immediately surrounding the three Argyle wells tested between November 2003 and April 2004.

Additional probable and possible reserves have been attributed to the wider area, including the deeper Juandah coals, which were not fully assessed by the three Argyle test wells.

Probable reserves total 58.6PJ with the remainder, 102.4PJ, falling under the possible category.

QGC said the high gas flow rates achieved from the wells along with the certification of reserves has spiked interest from potential customers in South East Queensland, leading to the early stages of supply negotiations.

The JV said first phase of testing at Argyle is now complete and planning for the second phase is well advanced, with the objective to increase proved and probable reserves.

QGC holds a 59.375% interest in ATP620P, with Pangaea Oil & Gas holding the remaining 40.625%.