Japan Energy acquires Timor Sea permit interest

Japan Energy has acquired a 15% interest in offshore block JPDA 06-103 in the Timor Sea from Oilex.

Offshore staff

LONDON -- Japan Energy has acquired a 15% interest in offshore block JPDA 06-103 in the Timor Sea from Oilex.

An initial, two-well drilling program is scheduled to begin in the fourth quarter. Oilex will continue as operator of the PSC and is currently in negotiation with a preferred contractor to secure a rig to drill the Loré and Lolotoe prospects. These prospects have estimated mean prospective resources of 195 MMbbl of oil and 90 MMbbl of oil respectively, the company says.

08/31/2009

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