To acquire 23.33% WI in Block 06/94 offshore Vietnam.
Australian Worldwide Exploration Ltd. plans to acquire a 23.33% interest in Block 06/94 offshore Vietnam from Serica Energy Plc, London, (London AIM, Toronto Venture: SQZ). AWE will pay Serica's 33.33% share of the costs of a three-well drilling program in the production sharing contract. Serica will retain a 10% interest following completion. The agreement is subject to the waiver of a pre-emptive right held by Vietnam state oil company PetroVietnam has pre-emptive rights. The Ocean General rig will begin drilling Tuong Vi well in June. The second and third exploration wells are expected to be drilled in 2010.