MPO 0.00% 14.0¢ molopo energy limited

gloucester

  1. 312 Posts.

    From the AJL release today

    "The Lucas portfolio of coal seam assets is maturing rapidly culminating in the announcement of the first gas
    reserves at Gloucester Basin scheduled to be made at the end of February 2008. Activity undertaken during the
    period included:
    Exploration expenditure by the Company of $6.4 million at Gloucester Basin. This asset is held in a joint
    venture with Molopo Australia Limited (30%). This expense was incurred on the Phase II appraisal
    programme with the entire programme budgeted at a total cost of $20 million of which the Company’s
    share will be 70%. The remaining expenditure under the programme is expected to be spent over the next 9 months

    With initial gas reserves at Gloucester Basin expected to be announced by the end of February 2008, expenditure
    to prove up further reserves will be accelerated. The coals have demonstrated high permeability and the Basin’s
    close proximity to Newcastle will reduce the lead time and infrastructure costs to commercialise the prospect."

 
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