Document Actions
Macdonald-Chartwell awarded two coal seam gas permits
13 June 2008, Source: Macdonald-Chartwell joint venture and Lindsay Clark - The Macdonald-Chartwell coal seam gas joint venture has been awarded two coal seam gas exploration permits in Waikato-Thames Valley area and in the Buller area of the South Island’s west coast.
The joint venture was formed by Macdonald Investments Ltd a private investment company largely owned by a number of the shareholders of Wellington-based international trading house RC Macdonald Ltd and Chartwell Energy Pty Ltd, an Australian private coal seam gas exploration company.
Chartwell subsidiary Chartwell NZ Pty Ltd is now operator of the two new permits plus the original coal seam gas mining permit 50100 near Greymouth, originally taken out by MacDonald Investments.
Chartwell now holds a 20% stake in PMP 50100 and a 60% interest in the Buller (PEP 50279) and Waikato (PEP 50280) permits. Macdonald Investments holds the remaining interests in the three permits.
The partners say their objective is to become the largest coal seam gas company in New Zealand.
The Buller permit covers 8,722 sq km area while the Waikato permit contains 3,667 sq km.
The three areas are being overseen by Australian-based project manager for Alberto Kamenar, of Kamenar and Associates Pty Ltd.
Chartwell says in its website that it is primarily focussed on coal seam gas development in New Zealand. Chartwell has raised $12.5 m from investors.
Chartwell says that in the Greymouth area mining permit “Initial studies suggest a gas in place resource of over 300 bcf in the central area of the permit alone.”
In September last year at the time the mining permit was issued Mr Kamenar said: “We believe that our permit in Greymouth has all the right ingredients to become a successful methane gas development project.”
