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;