AWE Limited has increased its estimate of recoverable oil for the Ande Ande Lumut (AAL) K Sand development by 33% to 101 million barrels of oil (including upgrading what were previously considered Contingent Resources to Gross 2P Reserves), following an independent review and certification by Perth-based RPS Energy Services Pty Ltd ('RPS'), An additional 35 million barrels of gross recoverable oil in the underlying G Sand reservoir has also been classified as 2C Contingent Resources (AWE will need to prepare and submit a formal plan of development for normal regulatory approvals before these additional Contingent Resources can be upgraded and reclassified as 2P Reserves).

As a result of these increases and reclassification, AWE reports that it is booking 50 mmbbls of Net 2P Reserves for AAL, which represent the company's Net Entitlement to Reserves under the terms of the Northwest Natuna PSC ('PSC'). This addition increases AWE's total corporate 2P Reserves (as at 31 December 2012) by 83% to 110 million barrels of oil equivalent ('mmBOE').

Tags: AWE Limited