AWE Drills Ahead at Atlas-1 Well

AWE Limited reports that the Atlas-1 exploration well commenced drilling at 1930 hours (local time) on May 30, 2012. At 0600 hours Thursday, the well was drilling ahead at a measured depth of 1,017 feet (310 meters).

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 2,526 feet (770 meters). The water depth at the Atlas location is approximately 230 feet (70 meters).

The well is located within the Titan Production Sharing Contract (PSC) in the offshore East Java Basin, Indonesia. The well is located approximately 22 miles (35 kilometers) 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.

Participants in the Titan PSC are:

• AWE Limited (via subsidiaries) (Operator) 40%
• Baruna Oil and Gas Ltd 25%
• Mitra Energy (Indonesia Titan) Ltd 25%
• PT. Sillo Maritime Perdana 10%

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