Lab tests confirm potential of Goodwin-1 gas

Tests showed coals in the Goodwin-1 well contain up to 4.4 cubic metres of methane per metric ton, the company said in a statement. The tests indicate between 78% and 98% of the gas-in-place is potentially recoverable, it said.

The company is awaiting tests in the next few weeks of samples from a second well in the vicinity, Wairaki-1, it said.

Shares of L&P rose 6.3% to 8.5% and have dropped 20% in the past 12 months. The shares climbed as high as 23 cents in June last year after the soaring price of crude oil stoked demand for fuel sources and takeover activity in Australia lifted valuations of coal gas resources.

By Jonathan Underhill

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