AWE upbeat on Indonesia shale gas potentials

ASX-listed company Australian Worldwide Exploration (AWE) Ltd said it is upbeat on the potentials of its shale gas in Titan PSC project. The company will move ahead and start with its drilling program next year.

?Our presence in Indonesia began to pay off in 2010-11. AWE?s entry into the Titan PSC in Indonesia provides the company with the exciting Atlas prospect for drilling in the next year,? AWE?s chairman David I McEvoy said.

?We are also actively evaluating shale gas and liquids opportunities, leveraging off our operational expertise in Australia,? McEvoy said.

AWE, via its subsidiaries, holds 40 percent interest in Titan PSC and acts as operator of the block. The other working interests are held by Baruna Oil and Gas Ltd with 25 percent, Mitra Energy (Indonesia Titan) Ltd 25 percent and PT Sillo Martime Perdana, 10 percent.

AWE has said it will in March next year drill Atlas-1 well, located in the offshore East Java Basin.

The Atlas well will target a sizable gas prospect, located approximately 35 kms north east of the Lengo gas discovery, which tested gas at rates of 12.8 MMCFD from the discovery well in 2008, the company said. (romel/roffie)