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Main Forum•Arrow Energy doubles its 2P Reserves
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What a lovely outcome for AOE's loyal band of followers. Many of whom have held their shares for several years and firmly (and IMO correctly) believe that AOE is one of Australia's Gas Gems.
"Arrow increases gross 2P reserves by 2,058 PJ – Exceeds 2009 reserves addition target by 350%."
Arrow Energy Limited (ASX:AOE, Arrow) is pleased to announce a significant reserves upgrade certified by independent consultants Netherland, Sewell and Associates Inc (NSAI) and MHA Petroleum Consultants LLC (MHA).
Arrow’s gross proved and probable (2P) reserves have increased 50.3 percent to 6,150 PJ while gross proved, probable and possible (3P) reserves are up 18.6 percent to 11,042 PJ. The company has added 3,458 gross 2P reserves in 12 months which substantially exceeded our target to add at least 1,000 PJ of gross 2P in 2009. After adjusting for the recent Shell pre-empt on Tipton West 2P reserves net to Arrow have increased 53.4 percent to 3,690 PJ and net 3P reserves have risen 13.8 percent to 5,781 PJ.
