AWE Acquires Stake in Victoria Offshore License

AWE has acquired 60% interest in interest in permit Vic/P67, offshore Victoria, Australia from WHL Energy.

The permit contains the undeveloped La Bella gas discovery and multiple near-field exploration targets. The permit is adjacent to Vic/P44 in which AWE holds a 25% interest in the producing Casino gas project.

Following review of the new seismic data, AWE has the right to surrender its interest in the permit or to commit to drilling two exploration wells at either 30% or 60% working interest. If AWE elects to enter the drilling phase, AWE will assume Operatorship of Vic/P67 in the first half of calendar year 2014.

WHL Energy has previously reported gross 2C Contingent Resources for the La Bella gas and condensate discovery of 114 Petajoules (PJ) of gas and additional exploration prospects within the permit area with total unrisked Prospective Resources of 577 PJ on a P50 basis.