Resources

Independent Certified Resource Evaluation

Gustavson Associated of Boulder Colorado USA, evaluated 100% of the Afro Energy ( KKO 49%) existing and granted Exploration Rights in July 2020 . The following is a summary of the VALMIN/PRMS standards Resource Evaluation Report

Resource Statement Gas Gross
Unit = Billion Cubic Feet Unit = Billion Cubic Meter
Gas In Place 1C 2C 3C 1C 2C 3C
CMB 3114.2 6883.8 13097.2 88.2 194.9 370.9
Gas in Sandstone 1089.8 2422.8 4367.8 30.8 68.6 123.7
Total 4204.0 9306.6 17465.0 119.0 263.5 494.6
Unit = Billion Cubic Feet Unit = Billion Cubic Meter
Prospective Resource 1C 2C 3C 1C 2C 3C
Gas in Sandstone 361.0 902.5 1766.7 10.2 25.6 50.0
Unit = Billion Cubic Feet Unit = Billion Cubic Meter
Contingent Resources 1C 2C 3C 1C 2C 3C
CMB 2047.1 4492.0 8621.2 58.0 127.2 244.1
Gas in Sandstone 189.8 369.8 629.4 5.4 10.5 17.8
Total 2236.9 4861.8 9250.6 63.4 137.7 261.9

Gross (for 100% of project), Prospective and Contingent Resources unrisked.

Following the provision of new information from exploration activities undertaken in the last few years and considering recently granted exploration rights ER270, ER271 and ER272 , Gustavson increased the,

  • Certified (Gross) contingent resource (2C) from 1.5 TCF to 4.9 TCF, an increase of 227% from 2012 evaluation
  • (Gross) Prospective Resource Gas In Place estimate (GIP) from 2.4 TCF to 9.3 TCF an increase of 287% from the 2012
    evaluation

Current Certified Resource

  • Derived from approximately 65% of total land package granted and pending
  • Significant exploration upside from total land package
  • Conventional sandstone reservoirs adjacent to the coals

 

High Quality Gas Results From 2018 Independent Gas Flow Testing

  • 95% recovery of gas from produced groundwater
  • 99.5% methane content
  • Possible elimination of gas treatment due to high quality
  • Evidence of strong gas reservoir recharge over time

 

Isolated coal measures remain untested for CBM potential

  • Isolation testing as part of next development phase to test coal beds
  • Potential upside as only sandstones tested to-date
man at work