|
Growth Resources has Houston gas field for sale Lappi said the Australia-based Growth Resources, parent company of GRI, changed its focus from minerals to high tech in late 1998, early 1999 Kristen Nelson PNA News Editor
The Houston coalbed gas field, under development by GRI Inc. since 1998, is up for sale.
Dave Lappi, who acquired the leases and has been active in coalbed gas development in Alaska since the early 1990s, told PNA that Perth, Australia-based Growth Resources, the parent company of GRI, is in negotiations from Perth to sell the field.
Lappi said that Growth Resources, originally a gold mining company in Australia before it acquired his leases for the Houston coalbed gas field, changed its focus to high tech in late 1998, early 1999.
“We have a gas field in Alaska that doesn’t really fit into their company, so they are looking for a buyer,” he said.
GRI drilled four shallow coalbed gas wells in 1998 and has been producing water from the 3 Houston well to bring down pressure and allow for gas production.
Lappi said that the well is producing water and some gas, “but the gas rates aren’t what we would like to see, so we’re continuing to pump water.” He said that only the one well is on production, producing from five different coal seams.
Gas from the well is being vented.
Coalbed gas new for Alaska Lappi returned to Alaska in 1991 after spending 10 years in western Australia, looking for a new exploration project in Alaska. Coalbed methane opportunities in Alaska looked ready for investigation, Lappi told the Alaska Support Industry Alliance in October 1998. In the Lower 48, he said, roughly 5 percent of domestic gas production comes from coal seams, and Alaska has more than half of U.S. coal reserves. Coalbed gas looked like it had potential for providing energy for rural Alaska, Lappi told the Alliance, and the Cook Inlet basin, because it is close to population, looked like a good place for a demonstration project.
Lappi acquired the first of three leases at Houston at a state oil and gas lease sale in 1993 and the other two leases from Unocal and Marathon, bringing the total to about 10,000 acres. The original lease, Lappi said, was close to a well that had found gas and was also on the uphill side of the Castle Mountain fault, where coal had been thrust up near the surface.
Lappi’s 10 years in Australia provided the down under investor connection.
|
