News

March 05, 2009

European Gas Limited Believes Its Gazonor CBM Contingent Resource Now Tops 8 TCF

Life changed for European Gas Limited when it bought a former state-owned coal mine methane (CMM) project in northern France at the back end of 2007. The €26 million acquisition of Gazonor brought some immediate production onto the books with plenty of upside: increasing the current CMM output, investigating the vast coal bed methane (CBM) potential of the permit area and building on its footprint in this part of the Nord Pas de Calais Basin.

Gazonor’s CMM production of around 2.6 billion cubic feet per year generates a modest income, about €1milion a month, from three production sites - Avion, Divion and Desiree – spread across a project that stretches 100 km east to west. In January the ASX-listed company was awarded another 188 sq km permit, known as the Poissonnière Extension, thereby expanding its permit position at Gazonor by 33 per cent. It also has an additional 1,352 sq km under application for exploration.

Now...