Ann: AWE's Perth Basin Shale Gas update , page-22

Potential of Shale Gas apppears very strong. Although not sure how AWE's GROSS gas in place estimate of 13 to 20 tcf lines up against figures quoted by MMR CEO Bob Breeze on BBR last week that total production of gas by all Bass Straight operators over the 40 years of production to date is 7 tcf, and that a similar amount is estimated to be
left to extract!!!

JR

Sean Conlan, Macquarie Private Wealth

BUY RECOMMENDATIONS

AWE Limited (AWE)

Upside remains from AWE?s growing reserves foothold in the Eagle Ford shale in the US. The potentially large shale gas resource in the Perth Basin may position AWE well for the future. In an ASX announcement, the company estimates that one of three shale intervals alone holds a gross gas in place of 13 to 20 trillion cubic feet.