Reserves and Resources

Summary of Notable Changes to 2P Reserves
and 2C Contingent Resources

Waitsia Gas Field
The transfer of Waitsia Contingent Resources to Undeveloped Reserves following the drilling results from Waitsia-3 in June 2017, which successfully appraised the southern extension of the field. Refer ASX announcement dated 9 August 2017. An additional booking of 2P reserves is anticipated later in 2017 after the results of Waitsia-3 & are incorporated into geological models.

Yolla Gas Field
The adoption of the Operator’s revised reserves, as supported by AWE’s static and dynamic modelling study.
Refer ASX announcement dated 9 August 2017.

Ande Ande Lumut Oil Field
The transfer of Undeveloped Reserves to Contingent Resources due to project delays and the uncertainty of commencing production within the SPE PRMS recommended timeframe. Refer ASX announcement dated 9 August 2017.

Tui Area Oil Fields
The divestment of the Tui Oil Field was completed on 1 March 2017 with an effective date of 30 November 2016.

Lengo Gas Field
The divestment of the Lengo Gas Field pending completion in 2017, with an effective date of 1 April 2016.

Proved (1P) Reserves at 30 June 2017

Proved plus Probable (2P) Reserves at 30 June 2017

Reconciliation of 1P and 2P Reserves at 30 June 2017

2C Contingent Resources at 30 June 2017

Notes and Reserves Consent

i. The Reserves and Contingent Resources in this report are based on and fairly represent information and supporting documentation prepared by and under the supervision of qualified petroleum Reserves and Resource evaluators Dr. Suzanne Hunt, AWE General Manager WA Assets and Engineering, and Mr Andrew Furniss, AWE General Manager Exploration and Geoscience. Dr. Hunt, a Petroleum Engineer with a Ph.D. in Geomechanics, is a member of the Society of Petroleum Engineers and has 20 years’ experience in the petroleum sector in geoscience, field development planning, Reserves estimation, reservoir production and facilities engineeringand has been involved in the resource sector more generally for 30 years. Mr Furniss, a member of the Society of Petroleum Engineers and the American Association of Petroleum Geologists, holds an MSc in Exploration Geophysics and a BSc (Hons) in Geological Sciences and has 26 years’ of industry experience in strategic planning, portfolio management, prospect evaluation, technical due diligence and peer review, Reserves and Resource assessment, the application of advanced geophysical technology and business development. Dr Hunt and Mr Furniss have consented in writing to the inclusion of this information in the format and context in which it appears.

ii. The estimation of 30 June 2017 Reserves and Resources have been prepared in accordance with the following:

  • SPE/AAPG/WPC/SPEE Petroleum Resources Management System guidelines of November 2011;
  • ASX Disclosure rules for Oil and Gas Entities, Chapter 5, July 2014;
  • ASX Listing Rules Guidance Note 32, 2013.

iii. To ensure accuracy and compliance of Reserves and Resource estimations, AWE has put in place a robust process which incorporates the following governance arrangements and internal controls:

  • Reserves and Contingent Resources estimates are prepared by Asset Managers;
  • All material changes in Reserves and Contingent Resources are presented to the AWE Reserves Committee. Governed by the AWE Reserves Committee Charter, which is formally reviewed and adopted by the Board. The AWE Reserves Committee reviews and endorses Reserves and Contingent Resource proposals by the Technical Reserves Review Panel. The Committee meets as a minimum every six months or when any material changes trigger an ASX announcement based on the continuous disclosure requirements. An independent non-executive director, who is a member of the AWE Audit and Governance Committee and who

 

 

 

 

 

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