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AWE Limited (ASX:AWE) says it has confirmed a significant gas discovery for the Waitsia Field in the north Perth Basin. 

The oil and gas explorer believes the Senecio/Waitsia discovery is potentially the largest conventional onshore gas discovery in Western Australia since the 1960s. 

Managing Director Bruce Clement says this is a fantastic result for the company, the local Mid West community and for the people of Western Australia. 

Mr Clement has advised AWE will now focus on flow testing of Senecio-3 to establish commercial viability and the potential early, low cost development of the Senecio and Waitsia fields. 

If successful Mr Clement says this could deliver significant additional gas into the state’s domestic market and provide substantial value to shareholders. 

AWE reported a net profit of $62.5 million in the full 2014 financial year.