resistence broken at 3.2 , page-3

This essentially sums it up....massive potential and a potential shareprice at multiples of todays price
cheers BT

AWE Limited (ASX: AWE) reports that the Operator of the EP413 Joint Venture (Arrowsmith-2)
has today released a report from Degolyer & MacNaughton (D&M) that provides an independent
evaluation of the gross unconventional prospective resource potential for exploration permit
EP413 (AWE 44.25%) located in the onshore Perth Basin, Western Australia.
The report provides a Best Estimate (P50) for Total EP413 Gross Unconventional Prospective
Resources (unrisked) of 450 million barrels of oil equivalent (BOE), including 2.6 trillion cubic feet
(Tcf) of gas. A copy of the Operator’s announcement is attached.
AWE’s net interest in EP413 represents approximately 10% of the company’s total acreage
holding in the Perth Basin.
AWE’s Managing Director, Mr Bruce Clement, said, “D&M’s evaluation of the gross
unconventional prospective resource potential in the EP413 permit reinforces AWE’s long-held
view that the onshore Perth Basin offers significant unconventional gas resource potential. The
existing gas price environment, production facilities and pipeline infrastructure in the region
enhances the commercial potential of this opportunity.”
“AWE is currently working though this report with the Operator and D&M in order to better
understand the unconventional prospective resource potential within the EP413 permit. Together
with our Joint Venture partners, we will further assess the flow potential of the shale and tight gas
plays in EP413 during the extended testing program at Arrowsmith-2 over the remainder of
2013,” he said.
“The Joint Venture is also planning to acquire a 3D seismic survey over the Arrowsmith area.
The 3D seismic data and the results of the extended testing program will provide us with the data
required to evaluate the next phase of activity, which may include drilling a horizontal, multi-stage
hydraulically stimulated production test well in 2014 to establish the longer term flow potential
and commercial viability of the shale and tight gas formations,” Mr Clement said.
Prospective Resources. AWE follows the Society of Petroleum Engineers – Petroleum Resources
Management System (SPE-PRMS) guidelines with respect to the definition of different classes of
reserves and resources. SPE-PRMS defines Prospective Resources as being the estimated
quantities of petroleum that may potentially be recovered by the application of a future development
project(s) relate to undiscovered accumulations. These estimates have both an associated risk of
discovery and a risk of development. Further exploration appraisal and evaluation is required to
determine the existence of a significant quantity of potentially moveable hydrocarbons.