AWE upgrades Waitsia reserves

Sydney-based gas company AWE has upgraded its Waitsia 2P reserves by 80 per cent, now ranking it in the top five largest gas fields ever discovered onshore in Australia.

AWE has a 50 per cent stake in the Waitsia project, located in the Perth Basin, which has been touted as the largest onshore conventional gas discovery in Western Australia for decades.

The upgrade puts the Waitsia 2P reserves at 820 petajoules with a gross 2P plus 2C of 910PJ.

The company said the upgrade puts Waitsia in the top five largest gas fields ever discovered onshore in Australia.

“Recent appraisal drilling and outstanding flow test results from Waitsia-2 Waitsia-3 and Waitsia-4 have confirmed that Waitsia is a world class onshore gas field,” managing director David Biggs said.

“Our internal analysis highlights substantially higher recoverable hydrocarbons and additional production potential from the excellent quality conventional reservoirs in the Kingia and High Cliff Sandstones that closely correlates with the independent review recently completed by RISC.

“At 910 PJ gross (2P plus 2C) Waitsia is clearly a Tier 1 asset with relatively low development costs and excellent proximity to infrastructure and markets.”

Meanwhile Origin Energy, the other 50 per cent owner of the Waitsia project, announced today that all conditions relating to the sale of its oil and gas business, Lattice Energy, have been satisfied.

Origin agreed in September to sell Lattice to Beach Energy for $1,585 million.

The completion of the sale is expected to occur on January 31 2018.