Mr Phillips said “While it’s true that market conditions have been difficult over the last 18 months, AWE’s story is much more positive.”
AWE recorded a full year production of 5.1 MMboe – a figure at the very top of the company’s market guidance range – and recent expenditure in the Perth Basin looks like it is about to pay dividends. The company believes that its Waitsia project looks like it will deliver on its potential to be the biggest onshore conventional gas field discovery in Australia in over 30 years.
Mr Phillips said “AWE has made this project a clear priority and we are focused on achieving first‐stage gas production in mid‐2016. The excellent flow test results from Waitsia‐1 imply greater productivity per well and, as a result, full field development could potentially be achieved with less wells and lower capex.”