Joint venture partner in both BassGas and Waitsia, Origin Energy, released the figures in its 2016 Annual Reserves Report.
2P Reserves at Waitsia jumped from 30.43 MMboe to 39.79 MMboe, while the Yolla field associated with the BassGas project dropped from 10.18 MMboe to 7.44 MMboe.
As a result of the downgrade to 2P Reserves for the Yolla field, AWE expects to recgonise a non-cash impairment of the carrying value for the BassGas asset of between $40 million and $50 million after tax in its full year accounts in addition to the impairments recognised at the half year.
The Waitsia Gas Project is located in the L1/L2 permit in the Perth Basin, Western Australia, approximately 370 km north of Perth.
AWE is the operator (50 per cent) of the Waitsia Gas Project along with Origin Energy (50 per cent).
The BassGas Project produces gas from the Yolla gas fields, located offshore Victoria, which is processed for sale via onshore processing facilities at Lang Lang, approximately 100 km south-east of Melbourne.
Joint venture partners in the BassGas Project are Origin (42.5 per cent and operator), AWE (35 per cent), Toyota Tsusho Gas E&P (11.25 per cent) and Prize Petroleum International (11.25 per cent).
