SYDNEY -- Oilex has identified 10 prospects as potential drilling targets from a portfolio of over 20 prospects and leads in its operated block JPDA 06-103 in the Timor Sea. Final prospect selection for the first two wells is under way, the company says.
The prospect inventory includes a number of structures with the potential to contain mean estimated prospective resources in excess of 100 MMbbl of oil with six additional features offering mean estimated prospective resources potential in excess of 50 MMbbl, the company reports. Of these high-graded prospects, four are located in water depths of less than 470 m (1,542 ft).
Oilex has completed the seismic acquisition, processing, and interpretation phase of the work program in the contract area. A total of over 3,000 sq km (1,158 sq mi) of 3D seismic data were acquired or reprocessed and all of the open file 2D seismic data in the nearby region were incorporated into the interpretation.
According to the company, the results of the work confirm that the block has the potential to host significant oil resources near existing producing fields and the recent Kitan discovery in the adjacent block to the west.
The JV has contracted a floating drilling unit which has a capacity to drill in the water depths found in the contract area. It is anticipated that this drilling unit will be available to begin drilling activities in the contract area in the third quarter.