Yep, the last sentence is the exciting one, which i have pasted from the announcement.
MIN must know how good it is, they bought Empire Oil and Gas, now making offers for AWE, If you look at how much land in permits NWE have with Ep368 and Ep426 which are both to the east of Waitsia this could be huge discoveries in gas next year.
Waitsia Expansion Opportunities and Exploration Potential AWE holds one of the largest acreage positions in the onshore northern Perth Basin and is well positioned to capitalise on its competitive advantage to discover new gas resources. The Waitsia Field 2C Contingent Resource (Table 1) relates only to the tight gas currently discovered in the High Cliff Sandstone. During the drilling of all Waitsia appraisal wells, elevated gas shows were observed in a number of other formations including the Irwin River Coal Measures and the company is assessing whether these potentially significant resources have development potential. Outside of the Waitsia Field, AWE has identified a number of future exploration targets that if successful could be tied into existing infrastructure or the upcoming Waitsia Gas Plant through expansion phases. Contingent resources are currently carried for the Dongara/Wagina Formations and sandstones within the Irwin River Coal Measures in the Perth Basin as shown in Table 3.
The new information acquired from the Waitsia campaign indicates these intervals offer prospective resource potential both around the Waitsia field area and more regionally across the AWE Perth Basin acreage. In particular, it has been observed that good reservoir quality extends east offering prospective reservoir opportunities beyond the Waitsia Field.
NWE Price at posting:
0.5¢ Sentiment: None Disclosure: Held
