Japan signs up for Oilex block
Australia’s Oilex will transfer 15% interest in Timor Sea Block 06-103 to Japan Energy E&P.
Japan E&P will refund Oilex part of past costs incurred in exploring the block and the Australian outfit’s remaining 10% share of drilling costs for two committed wells up to an agreed cap.
Oilex was seeking a suitable floating drilling unit to drill the two wells from the third or fourth quarter of this year after a previous drilling contract for Transocean’s semi Sedco 703 was terminated.
Over 20 drilling prospects and leads were identified from an interpretation of the Maura 2140-square-kilometre 3D seismic completed in the first half of 2009.
Out of these, two drilling locations have been selected on prospects with mean resources of 195 million barrels of oil and 90 million barrels of oil.
Other partners of Block 06-103 include Global Energy (25%) and GSPC (25%) and Bharat PetroResources (25%).