AWE Awarded Exploration Permit Offshore Western Australia

AWE Limited on Wednesday announced that it has been awarded a new exploration permit offshore Western Australia, WA-497-P, as part of the Australia 2013 Offshore Petroleum Exploration Acreage Release.

The permit covers an area of 560km2 in water depths ranging from 150m to 500m and is located in the Exmouth Sub-basin of the North Carnarvon Basin, immediately adjacent to the producing Pyrenees, Vincent and Coniston oil fields and north of the Macedon gas field.

AWE holds 100% equity in WA-497-P, a six year exploration permit, and will be the operator.

In the first year, AWE has committed to reprocess the existing permit-wide 3D seismic data using the same state-of-the-art technology that was successfully applied to upgrade the prospectivity in a number of AWE assets such as the Ande Ande Lumut, La Bella and Tui fields.

Neil Tupper, General Manager Exploration & Geoscience, said that in an initial review of the permit area, AWE has identified a significant new play concept in addition to the proven plays in adjacent permits.

“Exploration permit WA-497-P contains a number of interesting prospects that complement AWE’s strength’s in sub-surface appraisal and early stage development,” Tupper said.

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