Arrow Energy CEO Says More Reserve Upgrades To Come
July 30 2009 - 8:54PM
Dow Jones News
Arrow Energy Ltd. (AOE.AU) Chief Executive Nick Davies said
Friday the company will continue to deliver reserve upgrades and
has the capability to supply both the Fishermans Landing and Curtis
Island liquefied natural gas plants in Queensland state.
The Sydney-based group said Friday it has more than doubled its
proven and probable reserves, or 2P, gas reserves to 2,581
petajoules.
"This is a huge reserves increase but there is much more to come
- we have barely scratched the surface and we have much more to
do," Davies told reporters.
Arrow's current 2P reserves are about a quarter of the size of
those of Woodside Petroleum Ltd. (WPL.AU), Davies said, and these
reserves have come from only one 10th of Arrow's coal seam methane
land.
"We do have the capability to supply multiple LNG trains through
both Fisherman's Landing and Curtis Island," he said.
Davies said having a strong reserves position was important for
potential lenders for Arrow's projects, as were certainty on the
sites for LNG plants and offtake.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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