AWE Limited announced Friday that the Waitsia joint venture has made “strong progress” in its preparations for Stage 2 of the Australian Waitsia gas project and approved the 2017 development activities budget, which includes the drilling of two appraisal wells.
“The joint venture has approved the budget and the schedule and we anticipate drilling Waitsia-3 and Waitsia-4 from April to June 2017, subject to approvals. These are the final appraisal wells planned ahead of Stage 2 development and will provide valuable data and potentially increase our 2P Reserves,” David Biggs, CEO of AWE Limited, said.
AWE also reported that it has commenced a tender process for Waitsia Stage 2 gas sales and that bids have been received.
“We have received an exceptional response from potential customers with bid volumes totalling more than double the joint venture’s 2P Reserves. The decision to align with customer demand from 2020 onwards is bearing out and discussions with potential buyers are proceeding well,” Biggs said.
“The project is making excellent progress and AWE is targeting a final investment decision by the end of 2017,” he added.
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