AWE Ups Gas Reserves estimate for Perth Basin Gas Field

AWE has upgraded gas resources estimates for the Waitsia gas field in Perth Basin by 67 percent.

AWE is the operator of permits L1/L2 in the Perth Basin, Western Australia.

The company has announced initial 2P Reserves and upgraded 2C Contingent Resource estimates for the Waitsia gas field following evaluation of the Waitsia-1 and Waitsia-2 appraisal well results.   

Managing Director, Bruce Clement, said the data gathered from Waitsia-2 allowed AWE to significantly increase the company’s previous estimate of gross recoverable gas and book initial 2P Reserves.   

“Waitsia-2 has proved to be another major success for AWE. With three wells now drilled on the Waitsia field, we have sufficient data to increase our estimates of total gross recoverable gas, on a P50 basis, from 290 Bcf of gas to 484 Bcf of gas – an uplift of 67 percent,” he said. “In total, we have now booked over 700 Bcf of gas gross as 2P Reserves and 2C Contingent Resources in fields discovered and / or appraised in 2014-15.” 

AWE is moving forward with development plans for low-cost, early-stage gas production from the Waitsia field by mid-2016. The joint venture has applied for a licence to construct a pipeline from the Senecio-3 and Waitsia-1 wells to the Xyris production facility, located near the Waitsia-2 well, Clement said.  

In addition to the Waitsia field, the company also estimated gross 2C Contingent Resources of 237 Bcf of gas in the Senecio, Irwin and Synaphea tight gas fields in the Dongara/Wagina formation.  

The Joint Venture partners in L1/L2 are: AWE Limited (50.0 percent); Origin Energy Resources (50 percent) 

The Joint Venture partners in EP320 are: AWE Limited (33 percent); Origin Energy Resources (67 percent)