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The re-evaluation came after the company received preliminary certification of 380 billion cubic feet (BCF), equivalent to 391 Petajoules (PJ) of proved, probable and possible (3P) gas reserves at its Berwyndale South coal seam gas field in ATP 632P (PLA201) in Queensland's Surat Basin.
The final certification results are expected to be available in late June / early July.
QGC managing director Richard Cottee said the preliminary certification was QGC's most significant achievement to date in its progression towards development of its gas resource.
"For QGC to have not only achieved the first certification of proved coal seam gas reserves in the Surat, but also the second, indicates that the technical issues facing QGC have now been satisfactorily addressed. Only QGC has announced certified proved reserves in the Surat Walloon coal sequence which is testimony to the technical strength of QGC."
The Berwyndale South wells are located only 13km from the Roma to Brisbane gas pipeline and 10km from QGC's Argyle pilot in the adjoining tenement of ATP 620P.
Earlier this month QGC completed the development plan for the 60PJ Berwyndale South Gas Project detailing the total capital costs and operating costs over the 15 years of the contract.
"Commercially, this project stacks up. Project economics show that Berwyndale South will provide competitive coal seam gas supplies, delivering profits over the life of the project," said Cottee.
The Petroleum Lease for the project is in the final stages of approval, with the joint venturers in the process of lodging the security deposit for the project as assessed by the Queensland Department of Natural Resources, Mines and Energy (DNRM&E).
QGC holds 50% interest in ATP 632P with CS Energy Ltd holding the remaining 50%.
