Metgasco's reserves update

Metgasco (ASX:MEL) has announced a substantial increase in its reserves as of June 30, 2024. The independent assessment by Chris Dykes Reserves International Limited (CDRI) highlights a 45% growth in the company's total 2P Net Reserves to 6.3 MMboe. The classification includes inaugural reserves for the Odin gas field, enhancing Metgasco's prospects in the Cooper Basin.

Metgasco's strategic reserves outlook

Metgasco's recent announcement highlights a major increase in their reserves, particularly attributed to the Odin gas field. The company's Net Proved and Proved and Probable Reserves have shown substantial growth, with Net Proved Reserves increasing by 55% to 3.2 MMboe. The assessment follows the Society of Petroleum Engineers’ PRMS 2018 guidelines and reflects Metgasco's strategic aim to maximize resource utilization. The company plans to continue exploiting these reserves under its Joint Operating Agreement, indicating a promising future in the Cooper Basin.

Executive insights on reserves growth

The Odin gas field, brought online in September 2023, has contributed significantly to the increase in reserves. Gas from Odin is under a long-term contract with Pelican Point Power Limited, a joint venture between ENGIE and Mitsui.