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.