The certified gross 2P Reserves estimate of 460 Bcf of gas is 34 per cent higher than AWE’s previously announced 2P estimates.
“The RISC report confirms that the Waitsia gas field has sufficient 2P reserves to market at least 100 TJ/d for up to ten years,” said AWE Managing Director and CEO David Biggs.
“The independent work done by RISC not only certifies our 2P Reserves, it highlights the substantial upside potential of the Waitsia field.”
However, despite being pleased with the certification, AWE will retain the more conservative reserves position until ongoing seismic studies, further drilling, flow testing and analysis are complete.
AWE are planning to drill two new appraisal wells on the Waitsia field in 2017, while production from Waitsia Stage 1A commenced in August.
The Waitsia gas development, located in L1/L2 in the Perth Basin, Western Australia, is a joint venture between AWE (50 per cent and operator) and Origin Energy (50 per cent).