Resource estimates shoot up at Indus Gas

3rd Dec 2010 08:31

India-focused oil and gas company Indus Gas saw its shares rise to a 52-week high after an upbeat resource update.The group's gross 'proven plus probable' (2P) reserves have been increased to 307 bn cubic feet (Bcf), according to a report by an independent evaluator.The increase represents a 91% rise on the previous 2P estimate made in 2008, with 61 Bcf of the increase attributed to the recent Eastern Promise well.Gross prospective (best estimate) resources increased 340% from 634 Bcf to 2,158 Bcf."This updated independent resource report reaffirms the considerable commercial potential of the company's block and is a dramatic increase in the overall volumes over past resource report," said Indus chairman, Mark Holtzman.