AWE: Sale of North Madura PSC remains pending

By Romel S. Gurky

ASX-listed AWE Ltd said Thursday that the sale of its 50 percent interest and operatorship in the North Madura PSC, offshore East Java, to joint venture partner Azipac remains pending as the government of Indonesia has yet to provide its approval.

AWE did not say when the government approval can be expected. AWE in March of this year relinquished the North Madura PSC interest to Bermuda-registered oil and gas firm Azipac, the transaction of which is subject to Indonesian government approval.

The North Madura block covers approximately 1850 square kilometers and is located offshore East Java in water depths of 45 meters. The block is located in the NE Java Basin, one of Indonesia?s most prolific hydrocarbon producing areas and is along trend with several producing fields, most notably the Ujung Pangkah and Poleng oil and gas fields. AWE has acquired approximately 1000 kilometers of 2D seismic over the southern part of the block.

Editing by Reiner Simanjuntak