Indonesia: AWE Reports Minor Rig Repairs at Liyun-1 Well

AWE Limited reports that at 0600 hours today (Indonesian time) the Liyun-1 well was carrying out minor rig repairs after reaching a measured depth of 491 metres.

Progress for the week was 405 metres. Liyun-1 is an exploration well in the Bulu Production Sharing Contract, which is located in the East Java Basin, offshore Indonesia.The Liyun-1 well has a planned total depth of approximately 2,570 metres.

The well is being drilled approximately 35 kilometres offshore in a water depth of approximately 55 metres. Liyun-1 is targeting the oil potential of the Kujung I reef carbonates, currently producing in acreage to the east of the Bulu Production Sharing Contract.

The participants in the Bulu Production Sharing Contract are:

AWE Limited 42.5%

Pearl Oil (Satria) Ltd (Operator) 42.5%

PT Satria Energindo 10.0%

PT Satria Wijaya Kusuma 5.0%

AWE Limited is an Australian based oil and gas exploration and production company. AWE was recently admitted to the prestigious ASX 100 Index. AWE currently has oil and gas interests in Australia, New Zealand, Indonesia, Yemen and Argentina, and is actively reviewing additional growth opportunities.


Source: awexplore, June 24, 2010