Oil and gas exploration and production firm AWE has announced initial 2P Reserves and upgraded 2C Contingent Resource estimates for the Waitsia gas field located at the Perth Basin in Western Australia.
The estimates have been announced after evaluation of the Waitsia-1 and Waitsia-2 appraisal wells.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Australian operator of the permits L1/L2 is expected to produce around 721 Bcf of gas in gross from Waitsia, Senecio, Irwin and Synaphea, it said.
Data gathered after the Waitsia-2 appraisal has allowed the firm to increase its previous estimate of gross recoverable gas and book initial 2P Reserves.
AWE managing director Bruce Clement said: "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 billion cubic feet (Bcf) of gas to 484 Bcf of gas – an uplift of 67%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"As previously announced, AWE is moving forward with development plans for low-cost, early-stage gas production from the Waitsia field by mid-2016.
"Gas marketing is making good progress and 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.
"In addition to the Waitsia field, we have 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."
This development is expected to boost AWE’s long-term domestic gas business in Western Australia.
Origin Energy Resources has partnered with the Australian firm for both Permits L1/L2 and Joint Venture in EP320.
