New Zealand Oil and gas
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Amadeus Basin – Palm Valley And Dingo Field Reserves Upgrades

Posted on 27 July 2023

Highlights

- 2P Total Reserves increase of 14% at Palm Valley to 2.1 million barrels of oil equivalent (mmboe), associated with the successful drilling and flow performance of the PV-12 well.
- 2P Total Reserves increase of 13% at Dingo to 3.5mmboe, owing to ongoing strong performance from the wells and additional modelling work.


New Zealand Oil & Gas Limited (ASX:NZO)(NZO) and the other Joint Venture partners have upgraded their reserves in the Palm Valley and Dingo gas fields in the Amadeus Basin, Northern Territory, central Australia.


New Zealand Oil & Gas Chief Executive Andrew Jefferies says the reserves upgrade is significant news for the Company.


“It’s great to see hard work pay off in reserves additions” says CEO Andrew Jefferies “drilling at Palm Valley and some excellent technical work has shown there is more gas in the ground in our Amadeus Basin assets. These assets provide much needed energy for both Central Australia which is working hard to provide the e-materials we need to transition; and the East Coast which is moving off coal to unreliable wind and solar, with gas the only sensible option to fill in the ever-widening gap. Gas is a three-letter word for transition.”