AWE Maintains Position in Onshore Perth Basin Permit with Titan Energy

Australia's Titan Energy said Monday that AWE, its joint venture (JV) partner for EP455, has decided to proceed with a JV agreement covering the onshore Perth Basin permit.

Under the terms of an agreement inked earlier this year, AWE was to notify Titan Energy seven months before June 13, 2013, whether or not it could continue as the holder of an interest in EP455, and if it would maintain its status as the permit's operator.

The deadline passed on Monday, and AWE has informed Titan Energy that it will continue to work towards the planning of the drilling of the Drover-1 exploration well in the permit.

Titan Energy's Managing Director Steve Thomas said in a statement that the company was pleased to be moving ahead with the proposed drilling of the Drover-1 well.

"We view EP455 as a significant asset, located in a highly prospective area in the Perth Basin," Thomas noted.

AWE holds an 81.5 percent interest in the permit, while Titan Energy holds the remaining 18.5 percent stake.