AWE sells stake in North Madura to Azipac

By Romel S. Gurky

ASX-listed AWE Ltd announced on Friday that in March 2016, it relinquished its 50 percent interest, including operatorship, in the North Madura PSC, an exploration block, to joint venture partner, Azipac, subject to Indonesian government approval.

Following the sale of interest, the firm has exited the block and the block is now fully controlled by Azipac.

Bermuda-registered oil and gas company AziPac Limited, which focuses on offshore exploration in the Asia Pacific region, announced in May 2015 the acquisition of a 50 percent interest in North Madura PSC located offshore Java Sea.

AziPac, through its subsidiary Azipac North Madura Limited, acquired a 25 percent participating interest from Mitra Energy (Indonesia North Madura) Limited and a further 25 percent participating interest from North Madura Energy Limited.

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 Johannes Simbolon