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Main ForumShock and AWE - Shale gas for Perth

  • Just in case you missed it one of Australia's smaller oil and gas companies may be about to hit the big time. AWE has had a lousy run of luck of late with its drilling program and its share price reflects it.

    But you need to read this post "Gas independence for Perth Vs Water Quality?" to see the possible downside

    However AWE has a large amount of cash and good earnings...And this news should see some very nice upside that will see it reach its earlier heights....

    Oil and gas producer AWE Ltd says a large potential resource has been identified at its Perth Basin shale gas play.

    The company said analysis of one core result showed estimated gross gas in place of 13 to 20 trillion cubic feet.

    It said it had been reviewing the prospectivity of shale gas in the Perth Basin area for the past two years, and had substantially increased its understanding of the region.

    "AWE is encouraged by the progress to date and plans to aggressively pursue further investigations on these opportunities," it said.

    It said the strong commercial drivers could allow Perth Basin shale gas to become Australia's first commercial venture in shale gas production.

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