Palm Valley produced something like 160 bcf from memory. It's still in operation today (currently shut in I believe) but only capable of a few TJ/d. Once the fractures were empty the actual matrix permeability is very low and not capable of sustaining high rates.
Waitsia is a very different reservoir and it's not a risk that they have just hit a sweet spot - they've drilled five wells including Senecio 3 and all of them have had flow rates above 10 MMscfd. At Waitsia the actual matrix permeability is extremely high for such a deep reservoir, which seems to be due to an unusual diagenetic effect such as clays coating the grains and preventing secondary overgrowth. Combined with that, the reservoir is very thick.
AWE Price at posting:
57.0¢ Sentiment: None Disclosure: Held