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AWE Updates on Developments at its Assets in Australia, New Zealand

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AWE Limited gave an update on developments at its assets in Australia and New Zealand when the company made a presentation Tuesday at the Good Oil Conference in Australia. 

On the BassGas project in permit T/L 1, offshore Bass Basin, Tasmania, workovers of Yolla-3 and Yolla-4 wells were completed and the wells are now producing near plant capacity. The BassGas project joint venture - comprising AWE, Origin Energy (operator) and Toyota Tsusho - is expected to make a final investment decision (FID) for 2 development wells under the BassGas Mid Life Enhancement Project (MLE) in the September 2013 quarter. Drilling of these wells is planned for 2014 and installation of the gas compression and condensate pumping modules on the Yolla platform will follow later.

In the Perth Basin, which covers an area of 1,305 square miles (3,380 square kilometers) across 10 licenses, there are plans to drill 2-4 wells in 2014. The focus is on developing tight gas first; moving forward at Senecio and Corybas and continue testing shales at Arrowsmith-2 for remainder of this year, and drill Drover-1 well in southern hub of the Perth Basin. AWE said the availability of existing gas infrastructure improves case for commercialization especially as the outlook for gas market and price is attractive in the medium to long term, with forecast strong growth in domestic consumption in Western Australia.

Over in New Zealand, preparations are being made to drill the Oi prospect, which is located 7.46 miles (12 kilometers) northeast of the Tui field, in Petroleum Mining Permit (PMP) 38158. Oi exploration well is targeted to spud in early November, followed by the Pateke-4H development well in early December.



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