December 19, 2017 / 2:32 AM / a year ago

Australia's AWE upgrades reserves at its Waitsia field

Dec 19 (Reuters) - Australian gas producer AWE Ltd said on Tuesday it is raising its proved and probable reserves at its flagship Waitsia field by 80 percent to 820 petajoules.

AWE said last month its Waitsia field held proved and probable reserves of 811 petajoules, up 78 percent from an estimate in June.

AWE is in the midst of takeover offers, having received two offers over the month from a Chinese bidder and, locally from Mineral Resources, both eyeing the potential of the Waitsia mine, which AWE has called Australia's biggest onshore conventional gas discovery in four decades. (Reporting by Susan Mathew in Bengaluru; Editing by Sherry Jacob-Phillips)

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