AWE Optimistic About Gas Reserves at Senecio, Waitsia Fields in Perth Basin

AWE Limited, as Operator of the L1/L2 Joint Venture in the north Perth Basin, Australia, reported Thursday that following on from the recently announced upgrade of 2C Contingent Resources in the Senecio field, the firm today announced initial Contingent Resource estimates for the “Waitsia” discovery (formerly Senecio Deep).

After initial analysis of data from the Senecio-3 well, and the existing 3D seismic, AWE estimates that the Kingia/High Cliff Sandstone intervals in the Waitsia Field have gross Contingent Resources in the range from 65 billion cubic feet (Bcf) to 1,170 Bcf, with a best estimate (2C) of 290 Bcf (Table 1). The presence of a significant quantity of potentially moveable hydrocarbons is indicated by strong gas shows, petrophysical analysis and pressure data. Net to AWE, the combined Senecio and Waitsia fields represent a best estimate (2C) of 180 Bcf of gas (Table 2).

Further evaluation and appraisal will be required to more accurately define the size of the accumulation and the lateral extent of the conventional and tight gas bearing sands. It should be noted that the Kingia/High Cliff Sandstone interval has not been previously penetrated in this part of the basin and represents an exciting new play with significant upside and follow-up potential.

Gross Contingent Resource estimates for the Senecio and Waitsia fields

  • Senecio:
    • Reservoir Interval
      • Dongara/Wagina: Discovered Original Gas in Place (Bcf) - 86 (P90), 148 (P50), 246 (P10); Contingent Resources (Bcf) - 40 (1C), 70 (2C), 130 (3C)
  • Waitsia (Senecio Deep):
    • Reservoir Interval
      • Kingia/High Cliff Sandstone: Discovered Original Gas in Place (Bcf) - 115 (P90), 489 (P50), 1,961 (P10); Contingent Resources (Bcf) - 65 (1C), 290 (2C), 1,170 (3C)

Net Contingent Resources estimates for the Senecio and Waitsia fields (AWE 50 Percent Share in Bcf)

  • Senecio
    • Reservoir Interval
      • Dongara/Wagina: 20 (1C), 35 (2C), 65 (3C)
  • Waitsia (Senecio Deep)
    • Reservoir Interval
      • Kingia/High Cliff Sandstone: 33 (1C), 145 (2C), 585 (3C)

AWE is also evaluating the gas bearing intervals in the Irwin River Coal Measures and Caryniginia Shale which could provide substantial additional unconventional resource potential. AWE estimates that the Irwin River Coal Measures has gross Prospective Resources in the range from 114 Bcf to 1,497 Bcf, with a best estimate (P50) of 420 Bcf (Table 3). The presence of a significant quantity of hydrocarbons is indicated by strong gas shows and petrophysical analysis but further evaluation and appraisal would be required to establish whether reservoir productivity will be sufficient for commercial development. At this stage, AWE currently estimates the chance of development at 20 percent. This risking will change with further appraisal activities. Prospective Resources for the Carynginia Shale have not yet been estimated for this location, but could be substantial.

Gross Prospective Resources Estimates for the Waitsia field (Unrisked)

  • Waitsia (Senecio Deep)
    • Reservoir Interval
      • Irwin River Coal Measures: Undiscovered Original Gas Oil in Place (Bcf) - 228 (P90), 810 (P50), 2,813 (P10); Prospective Resources (Bcf) - 114 (P90), 420 (P50), 1,497 (P10)
      • Carynginia Shale: Not yet determined

AWE has cased and suspended the Senecio-3 well in preparation for conventional flow testing of multiple reservoir intervals in the Senecio and Waitsia fields later in 2014. A Waitsia appraisal well is also under consideration for drilling in early 2015 immediately following the drilling of the Irwin-1 exploration well in EP320 (5 miles or 8 kilometers east of Senecio). The primary target for the Irwin prospect is the Dongara/Wagina sandstone but the well will also evaluate the deeper prospective horizons that have been high-graded by the Senecio-3 result.

The conversion of Contingent Resources to Reserves is subject to successful flow testing and a final investment decision for field development. If developed, Senecio/Waitsia will add approximately 30 million barrels of oil equivalent (MMboe), or 33 percent, to AWE’s 2P Reserves of 91 MMboe as at June 30.

Bruce Clement, AWE’s managing director, said:

“This is a fantastic result for AWE, the local Mid West community and for the people of Western Australia. The discovery in the deeper Kingia and High Cliff Sandstones has opened up an exciting new and substantial gas play in the north Perth Basin.


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