The figure was determined by petroleum consultants & reservoir engineers Cawley Gillespie & Associates Inc, in its survey of 112 wells within the project. Six areas of proven production were included in the report and only covered an area of around 41 sq km out of the 23,800 sq km owned by Sydney Gas.

Understandably, company CEO, Dr Bruce Butcher, was very pleased with the results. "This is a tremendous result for Sydney Gas and is very rewarding given all the hard work that our technical team has undertaken over the past few years."

"Cawley Gillespie was asked to focus upon proved reserves [because] Sydney Gas was seeking a blue chip reserve report that would underpin the development and expansion of Stages II, III and IV of the Camden Gas Project and provide a high level of confidence from an economic, financial and strategic planning perspective going forward. We have achieved that," added Dr Butcher.

To Butcher, the Cawley Gillespie report will help Sydney Gas in the long run.

"Cawley Gillespie has advised that it is likely that the area in the high production fairway over which reserves numbers are assigned to will become bigger, and the size of the reserves will likely become larger. With continued development, Cawley Gillespie would expect probable reserves to become proven reserves," said Dr Butcher.

"Naturally, this gives Sydney Gas great confidence as it focuses upon further developing the Camden Gas Project and expanding into the Wyong Gas Project and the Hunter Gas Project", added Dr Butcher.