Cove Energy announce increase in recoverable gas resources Area 1, offshore Mozambique

Wednesday, March 14, 2012
  • The recently performed production test on Barquentine 2 was monitored more than 3 km away in Barquentine 3.
  • The test information will also be applied in the detailed reservoir simulation and might result in higher estimated recovery efficiencies.

Cove Energy is delighted to note that yesterday Anadarko Petroleum Corporation, operator of Rovuma Basin Area 1, Offshore Mozambique, announced an increase of the P90 (Proven) estimated recoverable gas resource of the gas discovery area by another 2 Trillion cubic feet (Tcf). The gas discovery area is now estimated to contain 17 to 30 plus (Tcf) of recoverable gas.

The recently performed production test on Barquentine 2 was monitored more than 3 km away in Barquentine 3. A clear pressure response in this well confirmed excellent communication between the two wells as predicted on the basis of the geological model. These results are of vital importance for the development plans and might allow the partnership to significantly reduce the number of planned development wells. The test information will also be applied in the detailed reservoir simulation and might result in higher estimated recovery efficiencies.

John Craven CEO of Cove Energy commented;

"Well and test results continue to confirm the most optimistic geological model for the Barquentine, Windjammer, Lagosta complex. These recent results also confirm the development timeline with Final Investment Decision in 2013 and first gas in 2018. The project is well under way to becoming the second largest LNG project in the world."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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