AWE LIMITED ASX Announcement
20 February 2018
AWE Reserves Update
AWE Limited (ASX: AWE) provides the following update on the company's share of 1P and 2P Reserves and 2C Contingent Resources as at 31 December 2017. The Reserves and Resources documented in this update incorporate the revised estimates for the Waitsia gas field announced on 19 December 2017.
1. Summary of Notable Changes to 2P Reserves and 2C Contingent Resources since 30 June 2017
Waitsia Gas Field - Upgrade to Reserves and Resources following the successful appraisal of the southern extension of the field (announced 19 December 2017).
Ande Ande Lumut Oil Field - Reduction in 2C Contingent Resources based on assessment of the AAL-4X appraisal well results.
2. Proved (1P) Reserves at 31 December 2017
AWE LIMITED LEVEL 12, SUITE 1201, 100 PACIFIC HIGHWAY NORTH SYDNEY NSW 2060 AUSTRALIA
P +61 2 8912 8000 F +61 2 9460 0176 Eawe@awexplore.com ABN 70 077 897 440 www.awexplore.com
4. Reconciliation of 1P and 2P Reserves at 31 December 2017
Geographical Area Reserves Reconciliation (million BOE) Proved (1P) Reserves Proved plus Probabable (2P) Reserves | ||||||
South East Australia Bass Basin Otway Basin | 4.6 4.6 | ‐0.1 0.0 0.0 0.0 0.0 0.0
| 3.8 4.3 | 7.0 5.9 | 0.3 0.0 0.0 0.0 0.0 0.0
| 6.5 5.6 |
Western Australia Onshore Perth Basin | 20.3 | 17.4 4.2 0.0 0.0 ‐0.3 | 41.6 | 39.0 | 22.3 8.8 0.0 0.0 ‐0.3 | 69.9 |
AWE Aggregated | 29.5 | 17.4 4.2 0.0 0.0 ‐1.3 | 49.7 | 51.9 | 22.6 8.8 0.0 0.0 ‐1.3 | 82.0 |
EvaluationDate 30June2017
Revisionsand Reclassification
TransfersExtensionsand DiscoveriesDivestmentsProduction
EvaluationDate 31December2017
EvaluationDate 30June2017
Revisionsand Reclassification
TransfersExtensionsand DiscoveriesDivestments
Production
EvaluationDate 31December2017
5. 2C Contingent Resources at 31 December 2017 (includes Reconciliation)
Geographical Area 2C Contingent Resources (million BOE) | ||||
South East Australia Bass Basin Otway Basin | 30.6 1.3 | 0.0 0.0 0.0 0.0
| 30.6 1.3 | 112.5 394.4
|
Western Australia Onshore Perth Basin | 43.9 | ‐1.1 ‐8.8 0.0 0.0 | 34.1 | 196.6 0.0 1.4 0.0 |
Indonesia Ande Ande Lumut | 33.7 | ‐5.3 0.0 0.0 0.0 | 28.4 | 0.0 0.0 0.0 28.4 |
AWE Aggregated | 109.5 | ‐6.4 ‐8.8 0.0 0.0 | 94.3 | 316.5 394.4 8.0 29.1 |
EvaluationDate 30June2017
Revisionsand ReclassificationTransfers
Extensionsand Discoveries
Acquisitionsand Divestments
EvaluationDate 31December2017
SalesGas(PJ)
LPG(Ktonnes)
Condensate (millionbbls)Oil(10^6bbls)
6. Notes and Reserves Consent
i. The Reserves and Contingent Resources in this report are based on and fairly represent information and supporting documentation prepared by and under the supervision of qualified petroleum Reserves and Resource evaluators Dr. Suzanne Hunt, AWE General Manager WA Assets and Engineering, and Mr Andrew Furniss, AWE General Manager Exploration and Geoscience. Dr. Hunt, a Petroleum Engineer with a Ph.D. in Geomechanics, is a member of the Society of Petroleum Engineers and has over 19 years' experience in the petroleum sector in geoscience, field development planning, Reserves estimation, reservoir production and facilities engineering. Mr Furniss, a member of the Society of Petroleum Engineers and the American Association of Petroleum Geologists, holds an MSc in Exploration Geophysics and a BSc (Hons) in Geological Sciences and has over 25 years' of industry experience in strategic planning, portfolio management, prospect evaluation, technical due diligence and peer review, Reserves and Resource assessment, the application of advanced geophysical technology and business development. Dr Hunt and Mr Furniss have consented in writing to the inclusion of this information in the format and context in which it appears.
ii. The estimation of 31 December 2017 Reserves and Resources have been prepared in accordance with the following:
• SPE/AAPG/WPC/SPEE Petroleum Resources Management System guidelines of November 2011;
• ASX Disclosure rules for Oil and Gas Entities, Chapter 5, July 2014;
• ASX Listing Rules Guidance Note 32, 2013.
iii. AWE intends to develop Undeveloped petroleum Reserves in material oil and gas projects. The company actively supports engineering and commercial work necessary to achieve final investment decisions for material Undeveloped Reserves.
iv. Reserves and Contingent Resources estimations for all assets are based on deterministic methods
v. Due to the portfolio effects of the arithmetic summation, 1P Reserves volumes may be a very conservative estimate, whereas 3P Reserves volumes may be very optimistic.
vi. Estimated Contingent Resources are un-risked and it is not certain that these Resources will be commercially viable to produce.
vii. Conversion factors used:
• Sales Gas: 6 PJ = 1 million BOE
• LPG: 1 tonne = 11.6 BOE
• Oil: 1 barrel = 1 BOE
• Condensate: 1 barrel = 1 BOE
ABOUT AWE LIMITED
AWE Limited is an independent, Australian energy company focused on upstream oil and gas opportunities. Established in 1997 and listed on the Australian Securities Exchange (ASX: AWE), the company is headquartered in Sydney with an office in Perth. AWE has a substantial portfolio of production, development and exploration assets in Australia, Indonesia and New Zealand.
For information please see our websitewww.awexplore.com or contact:
David Biggs | Matt Sullivan |
CEO and Managing Director | Investor Relations & Corporate Affairs |
AWE Limited | AWE Limited |
02 8912 8000 | 02 8912 8022 |
matthew.sullivan@awexplore.com | |
ENDS |
AWE Limited published this content on 20 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2018 05:50:02 UTC.
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