Power generation company Arrow Energy Ltd
(ASX:AOE) has announced a 50.3% increase in proven and probable reserves to 6,150 petajoules.
The company added 3,458 gross proven and probable reserves in 12 months which substantially exceeds the company’s target to add at least 1000 petajoules of gross proven and probable reserves in 2009.
Arrow also says proven, probable and possible reserves are up 18.6% to 11,042 petajoules.
The upgrade to its reserves follows a similarly large upgrade in June of 2009 and demonstrates Arrow’s ability to continue to convert the estimated gross gas resource of 74,000 petajoules that exists in its Australian tenements, to commercial reserves.
In fiscal 2009 Arrow Energy earned profit of $366.85 million.
