Enerdrill wins Titan contract

Perth drilling company Enerdrill has been selected to provide drilling rig services to AWE and Titan Energy’s Perth Basin exploration permit for an undisclosed amount.

AWE, Titan’s joint venture partner and operator, awarded the contract to Enerdrill to drill two wells in the EP455 permit area, targeting both oil and gas prone formations.

The basin is close to petroleum industry infrastructure, including two major gas pipelines, storage facilities, and refining facilities.  

AWE farmed in on EP455 for an 81.5 per cent equity share under a sale and purchase agreement, in which AWE will carry Titan through a gross permit expenditure of up to $7.5 million.

Expenditure to 31 December 2013 was about $980,000.

Titan’s share price was up by 6.24 per cent to 1.7 cents at 10:10am WST.