Initial exploration started on Atlas gas prospect, AWE says

Oil, gas firm Australian Worldwide Exploration Ltd (AWE) reported on Friday that further initial exploration work has been undertaken on the Atlas prospect, located approximately 40 kilometres east of the Lengo gas field in the adjacent Titan PSC, offshore North East Java Sea

Evaluation of the Atlas prospect has resulted in the identification of a material gas opportunity. Together with Lengo, these features are estimated to contain up to 1 Tcf of gross recoverable gas, the company said.

Additional seismic is planned to further delineate the Atlas prospect and other prospects and leads in the Titan PSC, it said.

AWE has 40 percent participating interest in the block.

Meanwhile, in Bulu PSC, offshore East Java, the company said that subsurface and engineering studies have continued on the appropriate appraisal and development plan for the Lengo gas field. AWE has 42.5 percent interest in Bulu PSC.

The company also said that farm-out activity has continued on the Terumbu (AWE 100%) and North Madura (AWE 50%) PSC?s. These areas are prospective for oil and gas in defined reef structures, similar to the numerous adjacent producing fields. (lucky)