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ZIMI LIMITED — Capital/Financing Update 2013
Dec 17, 2013
66122_rns_2013-12-17_5a5b1506-8ff1-4eab-9df5-72459e950f29.pdf
Capital/Financing Update
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ASX Announcement 18 December 2013
La Bella 3D seismic survey completed
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3D marine seismic survey completed over La Bella gas field
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On schedule, within budget, no reportable incidents
AWE Limited (ASX: AWE) has been advised by the Operator of Vic/P67, WHL Energy Limited (ASX: WHN), that the La Bella 3D seismic survey has been completed on schedule and within budget.
The seismic acquisition vessel CGG Viking II acquired approximately 928 km2 of state of the art broadband data in 26 days in an area where seismic operations can be challenging due to weather and environmental regulations.
AWE’s Managing Director, Bruce Clement, said , “The La Bella 3D seismic survey has been successfully completed on time and within budget and we commend the Operator for a well-executed project.
“We anticipate receiving the processed data towards the end of May 2014 and this will provide the technical basis of our decision whether to proceed to the drilling phase in Vic/P67.
“La Bella and the surrounding exploration upside could become an important addition to AWE’s Otway gas strategy which is well positioned to benefit from the projected increase in east coast gas prices,” Clement said.
AWE Limited farmed in to the Vic/P67 permit in September 2013, acquiring a 60% interest in the permit by paying 75% of the costs to acquire the La Bella 3D survey. Under the farm-in agreement AWE has a right to withdraw from the permit following review of the newly acquired seismic data or, if AWE opts to continue in the permit, it will assume Operatorship of Vic/P67 for the two well drilling phase of the permit work commitment. The decision to continue in the permit is expected to be made in mid-2014.
For information please see our website www.awexplore.com or contact:
Investor Relations Media Enquiries Matthew Sullivan Ian Howarth AWE Limited Collins St Media 02 8912 8022 03 9223 2465 [email protected] [email protected]
About AWE Limited
AWE Limited is an Australian 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 and employs over 120 people. AWE has built a substantial portfolio of production, development and exploration assets in Australia, New Zealand, USA and Indonesia including major growth opportunities such as the 101 million barrel Ande Ande Lumut oil project. AWE holds a 10% working interest in the Sugarloaf AMI in the Eagle Ford shale play in the USA and is also progressing unconventional gas plays in the north Perth Basin and Indonesia. With its strong financial and technical base, AWE will continue to pursue exploration, appraisal and development growth opportunities in Australasia and Asia.
ENDS
AWE LIMITED LEVEL 16, 40 MOUNT STREET NORTH SYDNEY NSW 2060 AUSTRALIA P +61 2 8912 8000 F +61 2 9460 0176 E [email protected] ABN 70 077 897 440 www.awexplore.com