AWE relinquishes E. Java block
Monday, April 14 2014 - 12:59 AM WIB
Australian oil and gas firm AWE Limited is in the process of relinquishing the Titan PSC block offshore East Java.
AWE?s 25 percent partner in the block Mitra Energy revealed in its website that the latest seismic interpretation showed that further drilling was not justified.
?The final firm PSC work commitment of 500 km 2D seismic survey was fulfilled when a 510 km 2D High-Resolution seismic survey was carried out in Q3, 2013. Interpretation of this new 2D seismic data did not reveal any additional significant prospectivity to justify any further exploration works in the block. Thus, the operator has commenced process of relinquishment,? Mitra said.
Firm commitments in the block include a 500 km 2D seismic data survey and the drilling of a well.
In 2012, AWE and partners drilled Atlas-1 well. The well failed to discover any hydrocarbon and was subsequently plugged and abandoned as dry hole.
AWE has 40 percent interest in the block.
Editing by Reiner Simanjuntak