AWE Upgrades 2P Reserves for WA's Waitsia Field by 93% to 344 Bcf

AWE Ltd., operator of onshore Permits L1/L2 in the northern Perth Basin, Western Australia, reported Friday an upgrade of its proved and probable (2P) reserves and an updated Contingent Resource (2C) estimate for the Waitsia gas field.

The company's latest estimates showed a 93 percent increase in 2P gas reserves for the Waitsia field to 344 billion cubic feet (Bcf) compared to 178 Bcf previously, while 2C was at 286 Bcf, down 6 percent from 306 Bcf in the earlier study. AWE increased significantly the previous estimate of gross recoverable gas and raised the 2P reserves following analysis and evaluation of the full well dataset, including the excellent flow test results from Waitsia-1.

"This significant reserves upgrade is another very successful step in the ongoing appraisal of the Waitsia gas field and underlines the strategic importance of this exciting onshore gas project ... Using the data gathered from the three appraisal wells drilled to date, we have made substantial progress on field modelling and we are currently finalizing concept selection options for the full field development of Waitsia and surrounding fields,” Managing Director David Biggs said in the press release.

AWE added that it has plans to drill another two appraisal wells on the Waitsia field in 2017, which have the potential to unlock further reserves and resources in the south-eastern extent of the field. Origin Energy Resources Ltd. is the other partner in Permits L1/L2, holding the remaining 50 percent interest.



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