AWE to Drill Atlas Prospect in 1H12 Offshore Indonesia

AWE is moving forward with plans to target gas at the Atlas-1 prospect in the Titan PSC offshore Indonesia. The operator has set a drilling start-date for the first half of 2012. AWE also stated that further prospects are being matured for gas exploration and appraisal with hopes to drill in 2012. The Titan PSC, located offshore to the North of the East Java Province, covers an area of 1.7 million acres (6,903 square kilometers) in a water depth of 197 feet (60 meters).

AWE operates the concession with a 40% stake while Baruna Oil and Gas holds 25%; Mitra holds 25%; and PT Sillo Maritime Perdana holds the remaining equity.