AWE Provides Update on Atlas-1 Drilling (Indonesia)

AWE Limited reports that at 0600 hours today (local time) the Atlas-1 exploration well, located offshore Indonesia, was at a measured depth of 613 metres.

Indications of both methane and carbon dioxide have been detected whilst drilling within the upper part of the  Kujung carbonate reservoir section. During the week, the well was drilled from 310 metres to the current depth, with 9-5/8” casing being set at 562 metres. Progress for the week was 303 metres.

Atlas-1 is an exploration well designed to test the gas potential of a carbonate reservoir sequence that, together with the nearby Lengo gas discovery, could contain up to 1 Trillion cubic feet of recoverable sales gas. The well is planned to be drilled  to a total measured depth of approximately 770 metres. The water depth at the Atlas location is approximately 70 metres.

The well is located within the Titan Production Sharing Contract (“PSC”) in the offshore East Java Basin, Indonesia. The well is located approximately 35 kilometres north east of the Lengo gas discovery, which tested gas at rates of up to 12.8  million cubic feet per day when drilled in 2008.

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Source: AWE Limited, June 7, 2012