Armour Upgrades Reserves at Queensland Project

Sydney-listed Armour Energy June 12 announced an increase in the reserves at its Kincora gas project in Surat Basin in Queensland.

The company said the 2P gas reserves had increased by 22% to 150.3 petajoules. The numbers are based on the Society of Petroleum Engineers – Petroleum Resources Management System, it said.

Armour said its successful hydraulic stimulation of Myall Creek 5A, the drilling of the Horseshoe 4 gas well and ongoing geological and reservoir studies across the greater Kincora project had contributed to the upgrade in reserves.

The company is currently progressing plans to hydraulically stimulate existing wells in 2020 and in 2021. “These efforts are expected to contribute to gas production and further characterise the fields for future drilling and ultimately contribute to the reserve’s maturation strategy,” it said.

Armour acquired the Kincora gas project in 2015 from Origin Energy, restarting its production the following year.