AWE provides Waitsia-4 drilling update
Monday, Aug 07, 2017
AWE Limited (ASX: AWE), the Operator of Production Licences L1/L2 in the northern Perth Basin, Western Australia, advises that as at 06:00 hours (6.00am) AWST today the Waitsia-4 appraisal well was at 3,486 m Measured Depth below Rotary Table (MDRT) and drilling ahead in a 8 1/2 inch (216 mm) hole to total depth, following the successful installation of 9 5/8 inch (244 mm) intermediate casing at 3,054 m MDRT.

The first of the primary targets, the Kingia formation, has been successfully intersected and the well is drilling ahead to the second primary target, the High Cliff Sandstone. Good gas shows were observed in the Kingia and wireline logs will be acquired to confirm reservoir quality.

Waitsia-4 was spudded on 10 July 2017 and is forecast to take approximately five weeks in total to complete. The well will be directionally drilled to a planned maximum total depth of 3,834 m MDRT (3,668m Total Vertical Depth Sub Sea-level). The well is designed to appraise the gas potential in the eastern extension of the Waitsia Field, with primary targets being conventional reservoirs in the Kingia
and High Cliff Sandstones.

The well will be logged and, if the results are positive, the well will be completed as a production well and a flow test may be performed. Waitsia-4 is the last appraisal well planned for the Waitsia field in 2017.

The Waitsia-4 appraisal well is located approximately 18.5 km south-east of Dongara, Western Australia, and 3.3 km north-northeast of Waitsia-3. The approved work program for the Waitsia-4 appraisal well does not include hydraulic fracture stimulation.

The Joint Venture partners in L1/L2 are:

AWE Limited (via subsidiaries) (Operator) 50.0%

Origin Energy Resources Limited 50.0%

About the Waitsia gas field

The northern Perth Basin has been one of Western Australia’s major gas producing regions for more than 50 years. Discovered in September 2014, the Waitsia field is regarded as the largest onshore conventional gas discovery in Australia for the last 30 years and has the capability to supply the domestic market with 100 TJ/d for 10 years from conventional reservoirs.

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 based in Sydney with a project office in Perth. AWE has a substantial portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia.

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