Australia-based upstream AWE said Thursday it has potentially made the largest conventional onshore gas discovery in Western Australia since the 1960s at its New Waitsia field in the onshore Perth Basin.
After initial data analysis from the Senecio-3 well in New Waitsia AWE estimates gross contingent resources to be between 65 billion cubic feet (Bcf) to 1.17 trillion cubic feet of gas, with a best estimate of 290 Bcf.
AWE said New Waitsia shows a “significant quantity of potentially moveable hydrocarbons.”
AWE estimates its combined net from the Senecio and Waitsia fields, both in block L1/L2, at 180 Bcf of gas.
AWE operates block L1/L2.
The company has cased and suspended the Senecio-3 well in preparation for conventional flow testing of multiple reservoir intervals in the Senecio and Waitsia fields. The testing is scheduled for late 2014.
AWE is also considering a Waitsia appraisal well that would start drilling in early 2015.
Development at Waitsia is still subject to successful flow testing and a final investment decision, AWE said.
If developed, Senecio and Waitsia will add approximately 30 million barrels of oil equivalent, or 33 percent, to AWE’s proved and probable reserves.
AWE’s proved and probable reserves currently stand at 91 million boe.
The onshore Perth Basin oil and gas fields are located near the town of Dongara approximately 223 miles north of Perth.