AWE Limited, via its wholly owned subsidiary, AWE (Titan) NZ Limited, reported the execution of a rig contract for the drilling of the Atlas-1 well. Atlas-1 will be drilled in the Titan PSC, which is located in the offshore East Java Basin, Indonesia.
The Atlas well will target a sizable gas prospect, located approximately 35 kilometers north east of the Lengo gas discovery, which tested gas at rates of 12.8 million cubic feet per day from the discovery well in 2008. In conjunction with Lengo, if successful, Atlas and Lengo have the potential to contain up to 1 Trillion cubic feet of recoverable sales gas.
On the current schedule, the Atlas-1 well is expected to be drilled in March, 2012.
The participants in the Titan PSC are:
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