AWE Limited (ASX:AWE) Gains 18 Percent on Positive Gas Test

AUSTRALIA – Shares of Awe Limited (ASX:AWE) was trading 18.49 percent in early session at the Australia Stock Exchange on news that the company’s gas flow testing program in the onshore Perth Basin, Western Australia yielded positive results.

Awe Limited was trading at 0.865 in early session hours, continuing the upward trend since the beginning of October. A total of 2.65 million shares were exchanging hands as of this posting.

Early today, Awe Limited, operator of the L1/L2 joint venture, announced it had commenced the flow testing program for the Waitsia-1 well to further appraise the conventional Waitsia gas discovery in the onshore Perth Basin, Western Australia.

awe-limited

In a disclosure to the Australia Stock Exchange, the company said the well it tested flowed gas at an average rate of 24.7 mmscf/d, constrained by tubing size, on a 60/64 inch choke at ~1330 psig flowing well hed pressure over a 1 hour period.

“This is an excellent result and confirms the production potential of the conventional High Cliff Sandstone in the field. We now have two successful well tests at Senecio-3 and Waitsia-1 and we are moving forward confidently with our plans for the first stage of development,” said AWE’s Managing Director Bruce Clement.

The Waitsia-1 well will now be shut in for a brief pressure build-up survey prior to a series of flow tests at various choke settings, rates and well head pressures.

The testing program is expected to be completed by the end of November. – BusinessNewsAsia.com

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