MELBOURNE, May 3 -- Independent analysis of Nexus Energy Limited's Longtom gas field under appraisal in Bass Strait off Australia has boosted the resource estimate 38% to 438 bcf.
Consultants Gaffney, Cline & Associates (GCA) also increased the low-side resource estimate from 193 bcf to 254 bcf and the high side figure from 435 bcf to 619 bcf.
The new resource estimates follow reprocessing by Nexus of 3D seismic data from the field, in Gippsland basin permit Vic/P54.
Nexus, of Melbourne, is under a takeover offer from fellow Bass Strait company Anzon Australia Ltd. of Sydney.
The Ocean Patriot semisubmersible will spud the Longtom-3 appraisal well in mid-June following completion of development wells in Anzon's nearby Basker/Manta field.
Nexus is drilling Longtom-3 alone after its Vic/P54 joint venture partner, Apache Energy Australia, Perth, declined to be involved. Apache believes the results of Longtom-2, drilled 18 months ago, indicate the accumulation is noncommercial.
The Longtom-1 discovery was made by Esso and BHP Petroleum in 1995 and considered noncommercial at the time.