Release: AWE?s expansion and acceleration of oil exploration in Asia

The following is an edited excerpt taken from Australian oil, gas firm Australian Worldwide Exploration Limited (AWE)?s expansion and acceleration of oil exploration in Asia statement, released on Wednesday.

Indonesian Expansion
AWE was recently awarded a 100% interest in the Terumbu PSC, located in the prolific East Java basin. The new PSC is largely adjacent to AWE?s existing operations in Indonesia and helps complete the ?jigsaw? of vacant prospective acreage in and around AWE?s existing exploration footprint in the region.

AWE now has a total holding of approximately 9,500 square kilometres of prospective acreage in the East Java Basin. AWE will also become an operator for the first time in Indonesia.

The East Java Basin is a significant oil and gas production region, with approximately 200 million barrels of oil and condensate and 1.4 Trillion cubic feet of gas being discovered to date.

The further expansion into Indonesia is consistent with AWE?s strategy to grow shareholder returns by exploration for oil throughout the Asian region.

AWE?s managing director Bruce Wood said: ?AWE?s exploration strategy in Asia is beginning to take shape, with additional work being undertaken to investigate the oil opportunities in the region. The expansion of our acreage footprint in the prospective East Java basin will provide added drilling opportunities beyond the current programme?. (end of edited excerpt)