AWE Completes Acquisition of Indonesian Offshore Assets

AWE Completes Acquisition of Indonesian Offshore Assets

AWE Limited  has completed the transaction to acquire a 100% interest and operatorship of two Production Sharing Contracts offshore Indonesia effective 17 February 2012.

The two PSCs, the North West Natuna Production Sharing Contract (“NWN PSC”) and the Anambas PSC are located in the Natuna Sea in 70 metres to 90 metres of water. The NWN PSC contains the undeveloped Ande Ande  Lumut (“AAL”) Oil Field which is estimated to contain 76 million barrels of recoverable heavy oil. Three exploration and appraisal wells have been drilled in the field.

The Anambas PSC contains the Anambas Gas Field, discovered in 2006, together with a number of additional exploration prospects within an offshore area containing significant gas development and pipeline infrastructure.

Commenting on the Completion, AWE Managing Director Bruce Clement said:  “AWE is excited by the opportunity that this transaction provides to the Company. The Company believes that the acquisition provides a valuable growth opportunity, through the development of the Ande Ande Lumut oil field and the potential exploration opportunities already identified in both Production Sharing Contracts.”

Offshore Energy Today Staff, February 17, 2012; Image: AWE