 Irwin-1 exploration well intersects primary target Dongara/Wagina formation

 Elevated gas shows observed, drilling ahead through primary target

AWE Limited (ASX: AWE), advises that as at 06:00 hours (6.00am) AWST today the Irwin-1 exploration well, located in the onshore Perth Basin, Western Australia, was at a measured depth of 3,265m and drilling ahead in 8 1/2 inch hole to the planned total depth of 4,064m.

The Irwin prospect straddles the EP320 (AWE 33%) and L1 (AWE 50%, Operator) boundary and the Irwin-1 drilling program is being operated by AWE under an agency agreement with joint venture partner, Origin Energy Limited (ASX: ORG).

The Irwin-1 well has intersected the top of the Dongara Sandstone at 3,146m, which is 41m high to prognosis, and has so far penetrated 120m of the primary target formation, the Dongara/Wagina sandstones, with elevated gas shows observed.

The interval will be further evaluated with a wireline logging program after the deeper, secondary objectives have been drilled and the well has reached the planned total depth.

AWE Managing Director, Bruce Clement, said: “These early results are very promising and further highlight the exciting exploration potential of the Perth Basin.

“We are drilling ahead and plan to intersect the deeper, secondary formations before undertaking a wireline logging program and evaluating the reservoir potential of the Irwin prospect,” Clement said.

The Irwin-1 exploration well was spudded on 25 March 2015. The well is being drilled vertically to a planned total depth of 4,064m and is forecast to take a total of approximately seven weeks to complete.

Irwin-1 is designed to test the gas potential to the east of the Senecio and Waitsia gas fields and has multiple reservoir objectives in the Dongara and Wagina tight sandstone formations, the Carynginia Shale and Irwin River Coal Measures, and the deeper Kingia and High Cliff Sandstones.

AWE may undertake a flow test of the Irwin-1 well to better establish the commercial potential of the reservoir(s). The approved work program for the Irwin-1 exploration well does not include hydraulic fracture stimulation.

The Irwin-1 exploration well is located approximately 22.7kms east of Dongara, Western Australia. Irwin-1 is the first well of a three well drilling program planned for the Perth Basin in 2015. It will be followed by the Waitsia-1 and Waitsia-2 appraisal wells on the newly discovered Waitsia Gas Field.

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 more information, please visit : http://www.awexplore.com