AWE’s announces Otway Basin reserves update

Santos, as operator of the offshore Otway Basin producing fields Casino, Netherby and Henry), in which AWE has a 25% equity, has completed a reassessment of reserves in those fields. 
As a result the initial proven plus probable (2P) recoverable reserves from these fields have reduced from 602.5 PJ to 448.5 PJ. 
Having completed an internal technical review of the basis of this reassessment, AWE accepts the operator’s revised reserves estimate. This represents a downward revision of 38.5 PJ (AWE share). On this basis and given production to December 31st 2010, AWE’s remaining Otway 2P reserves as of that date are now 67.5 PJ.
This reserves revision is not expected to impact contract gas volumes.  
This outcome reflects the complex geology of these reservoirs which adds to uncertainty when estimating reserves prior to having fully established well performance production trends on which to calibrate predictions of ultimate recovery.
Production capacity from all four wells has now been re-established following the successful remediation of a subsea electric fault.
Source: Press release