NORTH SYDNEY, Australia – The Autoridade Nacional do Petróleo of Timor-Leste (ANP) has agreed to extend a production-sharing contract in the joint petroleum development area in the Timor Sea between Timor-Leste and Australia.
Oilex operates theJPDA 06-103 joint venture. According to partner PanPacific Petroleum (PPP), the PSC was due to expire last week. However, problems sourcing a rig prevented drilling a third commitment well on the Bazartete prospect.
ANP’s extension is conditional on the partners securing by June 15, either a contract for a rig or a letter of intent to award/sign a contract for a rig to test Bazartete by Jan. 15, 2014. The partners must also provide written monthly reports on their progress in this regard.
JPDA 06-103 is in the northern Bonaparte basin, offshore northwest Australia. Bazartete is described as a high-potential tilted fault trap, with the target in Mid-Jurassic clastic reservoirs. Oilex estimates prospective resources at about 65 MMbbl.