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AWE Limited (ASX:AWE) has started a development feasibility study for the commercialisation of the Senecio gas accumulation on the West Australian coast.



CEO Bruce Clement says the Perth Basin is potentially a very important source of energy for the West Australian market.



The gas explorer has identified positive subsurface data for the Senecio accumulation, affording it confidence that commercial gas production can be achieved.



Mr Clement believes the timely completion of a development feasibility study will help define a valuable gas resource.



Detailed work on project planning, budget and product marketing will potentially begin in the second quarter of this year.



AWE reported a $66.5 million loss in the 2012 financial year.