PERTH (miningweekly.com) – An independent review of the Waitsia gasfield, in Western Australia, has increased the 2P reserves by some 78%, ASX-listed AWE reported on Tuesday.
The review by Perth-based RISC Operations estimated a gross 2P reserve of 811 PJ, with AWE telling shareholders that the increase reflected the significantly better-than-expected reservoir quality, thickness and well deliverability outcome from recent drilling and testing programmes.
“The independent review of the Waitsia gasfield highlights substantially higher recoverable hydrocarbons and additional production potential from the excellent quality conventional reservoirs in the Kingia and High Cliff sandstones,” said AWE CEO and MD David Biggs.
“The Waitsia Stage 2 development project is planned to deliver 100 TJ/day for at least ten years. The additional reserves identified by this review are more than double the reserves required for this project and provide opportunities for significantly increased near-term field production and longer field life.”
AWE is hoping to be in a position to consider a final investment decision on the project by the end of the year, subject to securing sufficient gas sales agreements.