QGC will commence the first of up to five pilot wells planned for 2002 at its 100%-owned Aberdeen Project in ATP 621P, which the company estimates could contain a resource of 4.2 trillion cubic feet of gas with potential recoverable reserves of over one trillion cubic feet of gas.
The Aberdeen pilot development is expected to cost somewhere between $2.5 million and $3 million and should take about two months to construct, according to QGC. Company secretary, Damien Galvin, said they would fund those costs internally. QGC's December quarterly report said the company had $5.8 million cash at hand.
It will involve the drilling of five wells as well as the development of gas and water handling facilities needed for the CBM extraction process.
Thiess, which has a seven per cent share in QCG, will manage the construction of the project and subsequent pilot program developments.
