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
Significant upside potential remains
- 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
Verified by 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
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
