InterOil ups gas reserves by 141%

Briefs, Business

INTEROIL could be sitting on more than eight trillion cubic feet of contingent recoverable gas resources at its Elk/Antelope field in the Gulf province.
This was announced yesterday by an independent valuation firm, GLJ Petroleum Consultants, which also estimated initial recoverable condensate at 156.5 million barrels as of Dec 31, 2009.
GLJ also announced that there was no significant oil leg, although InterOil said a week ago that it has started horizontal drilling to check for possible oil shows.
The GLJ report provides a best case estimate of 8.2 trillion cubic feet (tcf) of natural gas and 156.5 million barrels of condensate (mmb).
This compares to the year-end 2008 best case contingent resources estimate of 3.4 tcf of natural gas and 59.3 MMBbls. This amounts to a  141% increase from 631 million barrels of oil equivalent (MMBOE) to 1.52 billion barrels of oil equivalent (boe). All resources estimated in the GLJ Report are classified as contingent resources
“These results reflect the quality of our people and our assets,” chief executive and chairman Phil Mulacek said.