Operator Mosaic, on the basis of production and recent test data, now reports a 50% increase in the reserves from 23 Petajoules to 34.3 Petajoules (approximately 29bcf). Possible reserves (3P) remain at 125 Petajoules (approx 107bcf).
"This upgrade provides critical data to support marketing of the Churchie gas field to major customers," says Mosaic CEO, Dr Howard Brady.
The increase puts the JV in a strong negotiating position to replace long-term purchase contracts in southeast of Queensland.
The Churchie field is located in Production Licence 192 near the town of Surat in south east Queensland with major interests being held by Mosaic Oil NL (49%) and Santos Ltd (51%).
