AWE completes withdrawal from Terumbu PSC

ASX-listed AWE Ltd announced Friday that it has recently completed the withdrawal from the Terumbu PSC, in East Java, Indonesia.

The company said in a statement that an increase in its net debt position by US$23 million during the first quarter of this year was among others due to cost associated with the withdrawal from the Terumbu PSC exploration permit of $5.3 million.

AWE started the process to relinquish the Terumbu PSC along with another East Java asset, the East Muriah PSC, in August of 2015.

AWE held 50 percent interest in the East Muriah PSC, with the other half held by SGX-listed KrisEnergy Ltd as the operator. AWE held a 100 percent interest in the Terumbu PSC.

Editing by Reiner Simanjuntak