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Perth basin permits estimated to hold 2,700 Bcfg

PERTH -- Norwest Energy announced that AWE Limited has released a gross unconventional prospective resource estimate for its exploration permits in Australia’s onshore Perth basin. The finding of the assessment supports the independent resource evaluation of EP413 (or the Arrowsmith Project), released by Norwest Energy to the Australian Securities Exchange on June 11, 2013.

The estimate released by AWE was provided through an independent technical assessment of the group’s exploration permits, including EP413.

The AWE independent technical assessment considered four unconventional targets: the Kockatea shale; the Carynginia shale; the Irwin River coal measures and the High Cliff sandstone, to provide best estimate gross, un-risked, recoverable, prospective resource estimates for the EP413 permit. Proof of concept has been demonstrated by successful production testing of gas from each of these intervals.

The gross prospective gas resources of 2,707 Bcfg at EP413 compares well with the best estimate of 2,636 Bcfg estimated in the prospective resource evaluation completed by DeGolyer and MacNaughton for Norwest Energy.

Further exploration appraisal and evaluation is required, to determine the existence of a significant quantity of potentially moveable hydrocarbons.

02/19/2014

 

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