‘Make or break’ drill program

AUSTRALIAN Worldwide Exploration is increasing its interests in three Perth Basin permits just before starting a “make or break” drilling program.

The Sydney-based company has reached a termination agreement with Phoenix Energy, allowing Phoenix to relinquish its Perth Basin equity to concentrate on its coal business, and delivering Australian Worldwide Exploration equity increases in three of its six Perth Basin permits.

Drilling is due to commence in one permit next week, with two consecutive onshore wells, the Beharra Springs North-1 and Beharra Springs South–1, forecast to be completed within 30 days each.

The Beharra Springs gas field is already a producing field, supplying the Alcoa refinery at Kwinana.

Australian Worldwide Exploration managing director Bruce Phillips said the company planned to drill two more wells by November this year, in what he termed “a watershed program” for the Perth Basin.

“We believe the prospects we’ve got are in the sweetest spot in the basin. We have a niche here. We have prospective acreage next to existing infrastructure and can deliver gas to the Perth market at a cost advantage of $1/gigajoule.”

In regard to these latter drill sites, Norwest Energy announced on Tuesday it would acquire equityby funding part of the drill program in two of the Perth Basin permits.

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