Australia

A subsidiary of Japan Energy Corp. took a farmout from Oilex Ltd., Perth, to earn an interest in the Block JPDA 06-103 production sharing contract in the Timor Sea off northwestern Australia.

Aug. 3, 2009

By OGJ editors
HOUSTON, Aug. 3 – A subsidiary of Japan Energy Corp. took a farmout from Oilex Ltd., Perth, to earn an interest in the Block JPDA 06-103 production sharing contract in the Timor Sea off northwestern Australia.

A two-well drilling program could start as early as late 2009 subject to rig availability. The block is replete with large structures off the northeast flank of oil fields in the Flamingo Trough (see map, OGJ, Apr. 27, 2009, p. 39).

Interpretation of 2,140 sq km of 3D seismic over the central two-thirds Block 06-103 identified more than 20 prospects and leads. The first two targets and their mean prospective resources are Lore at 195 million bbl and Lolotoe at 90 million bbl.

The agreement with Japan Energy is conditioned on the JPDA Designated Authority extending the contract which ends in January 2010 and approval by the authority and other participants who have preemption rights of the transfer of interest to Japan Energy.

After the conditions are satisfied, interests will be Oilex (JPDA 06-103) Ltd., operator, 10%, Global Energy Inc., GSPC (JPDA) Ltd., and Bharat PetroResources JPDA Ltd. 25% each, and Japan Energy E&P JPDA Pty. Ltd. 15%.