Timor Sea program amendment gets OK

Map showing location of the Timor Sea (Tasi Timor)

Published: Jan 20, 2011 Offshore staff SYDNEY, Australia – Oilex Ltd. reports that the Autoridade Nacional Do Petroleo has approved a proposal to change the production sharing work program at JPDA 06-103 of the Timor Sea. The changes means the decision to drill a fourth well if the third well is unsuccessful resides with the operator.

The joint venture operator also proposed that a further 140 sq km (54 sq mi) of 3D seismic survey be run on the Tutuala lead in the northern part of the permit and that a location for the third well finalized after the acquisition and interpretation of that survey.

ANP also agreed to extend the primary exploration term to Jan. 16, 2012.

Participants in the JPDA 06-103 PSC are Oilex (JPDA 06-103) Ltd. (Operator), 10%; Videocon JPDA 06-103 Ltd., 20%; GSPC (JPDA) Ltd., 20%; Bharat PetroResources JPDA Ltd., 20%; Japan Energy E&P JPDA Pty. Ltd., 15%; and Pan Pacific Petroleum (JPDA 06-103) Pty. Ltd., 15%

1/20/2011