Australian government awards Timor Sea permit to consortium

By the OGJ Online Staff

HOUSTON, Mar. 7�The Australian government Wednesday said an exploration permit in the Timor Sea off northwestern Australia was awarded to a three-company consortium.

Daytona Energy Corp. has a 36% interest, Eagle Bay Resources NL has 30%, and Westranch Holdings Pty. Ltd. has a 34% interest. There were two other bidders for this area.

The 1,085-km AC-P-32 permit is in the Vulcan subbasin of the Bonaparte basin. Water depths range from 60 m to 100 m.

Australian Minister of Industry, Science, and Resources Nick Minchin said the consortium is expected to spend $20.3 million during the next 6 years.

"This includes the drilling of two exploration wells, and the purchase and reprocessing of seismic and remote sensing data in the area," Minchin said.