AWE Raises Funds for Development Program

AWE Limited has secured A$300 million multicurrency bilateral loan facility which will be used to refinance AWE’s existing A$150 million syndicated bank facility that matures in December 2012.

The funds will be used for executing company’s shale and tight gas fracture stimulation program in the Perth Basin and its receiving a shale gas joint study area in Central Sumatra, Indonesia.

Meanwhile, the company also said that it has spudded the Atlas-1 exploration well in the offshore East Java Basin, Indonesia. The carbonate reservoir sequence, together with the nearby Lengo gas discovery, could contain up to 1 trillion cubic feet (tcf) of recoverable gas.