AWE upgrades reserves estimates for Perth basin filed

AWE Ltd., Sydney, reported initial 2P reserves and upgraded 2C contingent resource estimates for its onshore Perth basin Waitsia gas field in the light of the Waitsia-1 and Waitsia-2 well results.

Data gathered from Waitsia-2 has significantly increased the company’s previous estimate of 2C resources to 306 bcf and enabled it to book initial 2P reserves for the field at 178 bcf. Total recoverable gas on a P50 basis has risen 67% to 484 bcf from 290 bcf.

AWE added that gross reserves for Waitsia and nearby discoveries at Senecio, Irwin, and Synaphea are now estimated to be 721 bcf of gas.

AWE is now moving forward with development plans for a low-cost, early-stage gas production from Waitsia timed to come on stream by mid-2016.

The preliminary later full-field development plan will involve drilling 20 vertical or deviated production wells, including the three wells drilled to date: Waitsia-1, Waitsia-2, and Senecio-3. There are plans for a centralized gas processing facility and plateau production rate is expected to be 85 MMcfd feeding into domestic markets.

AWE has 50% interest in the Waitsia licenses L1 and L2. Origin Energy Resources Ltd. holds 50%.

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