Oilex farms down Timor Sea block interest

Oilex has agreed to farm down 15% of its 25% interest in the offshore block 06-103 Production Sharing Contract in the Timor Sea to Japan Energy.

Offshore staff

PERTH, Australia -- Oilex has agreed to farm down 15% of its 25% interest in the offshore block 06-103 Production Sharing Contract in the Timor Sea to Japan Energy. Oilex will remain as operator of the PSC; other joint venture partners include Global Energy, GSPC, and Bharat PetroResources.

The joint venture has selected drilling locations for the first two commitment wells on prospects with mean prospective resources of 195 MMbbl of oil (Loré) and 90 MMbbl of oil (Lolotoe). Drilling is schedule to begin later this year.

08/03/2009

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