Australian Worldwide Exploration (AWE Limited), an Australian oil and gas exploration company, has made what could potentially be the biggest onshore gas discovery since the 1960s. At the Senecio-3 New Waitsia field in the onshore Perth Basin, initial data analysis shows there could be between an estimated 65 billion cubic feet (Bcf) to 1.17 trillion cubic feet of gas. The best estimate is 290 Bcf. The oil and gas fields at onshore Perth Basin are near the town of Dongara, around 220 miles north of Perth.
AWE operates block L1/L2 in the Senecio and Waitsia fields; the company estimates its combined net from these fields is 180Bcf of gas.
To prepare for conventional flow testing of multiple reservoir intervals in these fields AWE has cased and suspended the Senecio-3 well. Although the find has not yet been made official, this step would lead to a better understanding of what exactly AWE has found. Testing in the area is scheduled for the end of 2014. In early 2015, the company is considering to start drilling at a Waitsia appraisal well.
Since the company is still unsure of what exactly they have on their hands, AWE said that development at Waitsia is still subject to successful flow testing and a final investment decision. If developed, however, the Senecio and Waitsia wells would add an enormous amount of product into the market.
Around 30 million barrels of oil equivalent—33 percent of AWE’s proved and probable reserves—could be developed from the two sites. Currently, AWE’s proved and probable reserves stand at 91 boe.
Information sourced from Petro Global News.