The operator of the Bulu PSC reports that the exploration drilling program has been delayed due to issues with the drilling rig. These issues are expected to be rectified over the next one to two months. There is no cost exposure to AWE due to this delay.
AWE continues to view the Bulu PSC as a high quality exploration opportunity. The joint venture plans to drill 2 wells in the Bulu PSC, Lisah-1 and Lengo-1, which will be The Bulu PSC is located in the East Java Basin covering an area of approximately 3,495 square kilometers and located approximately 40 kilometers off the northeast coast of East Java in the East Java Sea. The area has water depths of up to 60 meters.
The East Java sedimentary basin is a significant oil and gas producing region and the area surrounding the Bulu PSC contains a number of oil and gas accumulations, including the important Pangkah, Poleng and Kepodang fields.
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