AWE updates E. Java basin exploration activities

The following is an edited excerpt from Australian Worldwide Exploration Ltd (AWE) on East Java basin projects, taken from the December, 2010 Quarterly Report published Monday. (ed)

Subsurface and engineering studies focused on defining an appropriate appraisal and development plan have continued on the Lengo gas field in Bulu PSC (42.5%), offshore East Java.

AWE has extended its exploration portfolio in the East Java Basin, with a successful bid on the Titan PSC (AWE 40%) which lies adjacent to the Lengo gas field. A large prospect similar to Lengo has been identified and preparatory work for drilling has already commenced.

Farmout activity has commenced in the Terumbu (AWE 100%) and North Madura (AWE 50%) PSC?s during the quarter. These areas are prospective for oil and gas in defined reef structures, similar to the numerous adjacent producing fields. Subject to attracting an additional joint venturer, AWE plans to commence exploration late in 2011 in this area. (end of edited excerpt)