Ann: WE5 Confirms High Quality Gas Resource, page-41

A bit of caution based on the results released today. Below an interesting comparison of the Perth Basin KIngia well results to date as put out by Macquarie Bank recently


Note the declining trend in net pay and average porosity across the three WE wells, with WE5 as per today's report having average porosity of only 10% across the 32 metres of net pay (compares to the massive 58 metres at 14.3% in WE2). These wells are all reasonably close, so from a field reservoir distribution perspective (and hence overall reserves) I would not consider this necessarily as a positive result.

Let's see how these two latest wells compare when put on test. Also note the variability in choke sizes across all the Kingia wells and whether the reported flow tests from WE4 and 5 will again rely on comparatively larger choke sizes....