Awe Offshore Provides Update on Indonesian Exploration Activity

  • Project & Tenders


East Muriah PSC

Pearl Energy (East Muriah) Ltd (“Pearl”), as Operator of the East Muriah PSC in the East Java Basin has advised that the East Lengo-1 exploration well started drilling on May 28, 2010. AWE Limited (“AWE”) has elected not to participate in the East Lengo-1 exploration well and Pearl will drill this well as a “sole risk” well. AWE and Pearl each own 50% of the East Muriah PSC. AWE retains the right to participate in a development of East Lengo, subject to paying a penalty out of the proceeds of the development.

AWE will not be releasing regular drilling reports regarding this well.

After the drilling of East Lengo-1, the rig will drill the Liyun-1 exploration well, which is targeting oil in reef structures in the eastern portion of the Bulu PSC (AWE 42.5%) where Pearl Energy is the Operator of the block.

Madura North PSC

AWE is pleased to report the recent award of the North Madura PSC to a joint venture comprising AWE and North Madura Energy Limited. This new PSC will be held 50:50 and will be operated by AWE.

The grant of the North Madura PSC is AWE’s fourth PSC in the prolific East Java Basin.

[mappress]

Source: awexplore, June 1, 2010;

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