Saturday, August 01, 2009

AWE to commence Bulu PSC drilling

Australian Worldwide Exploration (AWE) has accomplished interpretation of the Bulu 3D seismic survey in East Java basin and prospects for drilling in the next round of activity are being assessed. 
"At least one well is planned in the Bulu PSC in the upcoming campaign, which is scheduled for Q4 2009," AWE told Australia Stock Exchange on Friday.
Other than Bulu PSC, AWE was awarded a 100% interest in the Terumbu PSC, adjacent to AWE's existing operations in Indonesia, which helps complete the "jigsaw" of vacant prospective acreage in the prolific East Java basin. AWE will operate the Terumbu PSC. 
AWE has also started a 1,200 km 2D seismic survey in the East Muriah PSC, where AWE has 50% participating interest, this month. The survey is designed to provide potential drilling candidates for 2010 and beyond.
Following the award of the Terumbu PSC, AWE has expanded the total acreage holding to approximately 9500 square km in the East Java basin. This basin is a significant oil and gas production region, with approximately 200 million barrels of oil and condensate, and 1.4 TCF of gas being discovered to date.

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