Titan PSC and North Madura PSC
The Titan PSC was signed on 26 November 2010 by Baruna Oil and Gas Ltd (BOG), a wholly owned subsidiary of Black Platinum Energy Ltd (BPE). BOG holds a 25% interest in the PSC , Mitra Energy Ltd holds 25%, AWE Ltd holds 40% and is the operator, and PT Sillo Maritime Perdana holds the remaining 10%.
The North Madura PSC was signed on 18 May 2010 by North Madura Energy Ltd (NME), a wholly owned subsidiary of BPE. NME holds a 25% interest in the block, Mitra Energy Ltd. holds 25%, and AWE Ltd holds 50% and is the operator.
The Titan and North Madura PSCs are located in the prolific East Java Basin, on trend with proven fields with similar play elements. One exploration well (Atlas-I) was drilled in June 2012 which tested a large Kujung reef with a seismic direct hydrocarbon indicator for the presence of gas in the reef. This well encountered high CO2 and was plugged and abandoned as non-commercial. A 2D seismic acquisition program is also planned in Titan for 2013. A well is planned in North Madura in 2014 to test the Kujung reef play that has seen ongoing success in the adjacent West Madura PSC.
Titan PSC and North Madura PSC
If successful, any development would tie into existing infrastructure to supply the East Java gas market.
East Java Domestic Gas Market and Development Concept
