Metgasco Ltd (ASX:MEL), an Australian company engaged in oil and gas exploration and production, has released an update regarding the independent assessment of its reserves and contingent resources for its Cooper Basin Vali and Odin gas fields. The evaluation, effective 30 June 2026, was completed by Chris Dykes Reserves International Limited (CDRI), a specialist firm providing independent upstream oil and gas evaluation services. This assessment provides clarity on the company’s gas assets following a review of development plans.
The key outcome of the updated assessment is a substantial reclassification of gas previously designated as Proved and Probable (2P) Reserves to 2C Contingent Resources. While the estimated gas in place volumes for the Odin and Vali fields remain unchanged, this reclassification reflects Metgasco’s current capital expenditure plans. Volumes without a firm commitment for larger-scale development have been moved to Contingent Resources, pending results of ongoing activities and future investment decisions.
Consequently, Metgasco’s net 2C Contingent Resources at 30 June 2026 now stand at 31.45 Petajoules equivalent (PJe), a significant increase from zero in the previous period. Conversely, the company’s net Proved and Probable (2P) Reserves have been adjusted to 6.2 PJe, down from 36.45 PJe reported twelve months prior. Net Proved (1P) Reserves were also impacted, moving to 0.7 PJe from 18.15 PJe at 30 June 2025. The 2P Reserves comprise 6.05 PJ of sales gas, 0.025 million barrels of condensate, and 1.1 kilotonnes of LPG. CDRI confirmed that the assessment was conducted in accordance with the SPE Petroleum Resources Management System (PRMS) 2018, with all material assumptions and technical parameters remaining valid. The announcement was released on 26 October 2026.
