150724 Drover-1 update
ASX Announcement
24 July 2015
Drover-1 exploration program update
AWE Limited (ASX: AWE), as Operator of Exploration Permit 455 in the Perth Basin, Western Australia, advises that after consultation with Joint Venture partner, Titan Energy Limited (ASX: TTE), it will not proceed with Phase 2 of the Drover-1 exploration program and will not hydraulically fracture stimulate the well.
Results from the Diagnostic Fracture Injection Test (DFIT), completed in April 2015, and analysis of the core samples and wireline data taken in 2014 have provided sufficient information for AWE's assessment of the shale gas potential in the southern extent of its Perth Basin acreage and no further work is required at this location.
The Drover-1 exploration well will now be decommissioned and rehabilitated back to its pre-existing state.
Drover-1 is located on pastoral land in the Shire of Coorow, approximately 18 kilometres southeast of Green Head and 220 kilometres north of Perth, and was designed to test the unconventional gas potential in the far southern extent of AWE's Perth Basin acreage.
The Joint Venture has applied to renew Exploration Permit 455 and is awaiting regulatory approval.
The Joint Venture partners in EP455 are:
AWE Limited (via subsidiaries) (Operator) 81.50% Titan Energy Limited 18.50%
About AWE Limited.
AWE Limited is an Australian based energy company focused on upstream oil and gas and related energy opportunities. Established in 1997 and listed on the ASX, the Company is headquartered in Sydney, Australia, with international operating offices in New Zealand and Indonesia. AWE has built a substantial portfolio of production, development and exploration assets in Australia, New Zealand, USA, Indonesia and China. With its strong technical base and disciplined financial management, AWE will continue to pursue exploration, appraisal and development growth opportunities in Australasia and Asia.
For information please see our website www.awexplore.com or contact:
Investor Relations Media Enquiries
Matthew Sullivan Ian Howarth
AWE Limited Collins St Media
02 8912 8022 03 9600 1979 [email protected][email protected]
AW E LIMITED LEVEL 16, 40 MOUNT STREET NORTH SYDNEY NSW 2060 AUSTRALIA P +61 2 8912 8000 F +61 2 9460 0176 E [email protected] ABN 70 077 897 440 www.awexplore.com
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