The prolific Timor Sea continues to be a hotbed of exploration activity. In recent developments, two groups of companies have won licenses in the Australian sector of the sea.
A group led by Trans-Orient Petroleum Ltd., Vancouver, B.C., won a 405-sq km block on the eastern flank of the Vulcan graben, about 200 km off Western Australia. Trans-Orient also is partial owner of a permit in the Australia-Indonesia Zone of Cooperation Area (ZOCA).
A second group, led by Santos Ltd., Adelaide, was awarded an exploration permit for Block NT/97-1. The block is in an unexplored gazettal area in the Bonaparte Gulf, about 240 km off Darwin, Northern Territory.
Vulcan basin block
A group comprising Trans-Orient 35%, Sydney's Mosaic Oil 35%, and West Oil 30% has been awarded Block AC97-3, a 101,250-acre area off Western Australia.Virtually all of the surrounding area has been licensed, and a number of discoveries have been made. These all are distinguished by excellent reservoir quality and high production rates.
"The area is, however, still lightly explored," said Trans-Orient, "and recent advances in technology-in particular 3D seismic-are likely to generate a new discovery wave."
What some say is the world's largest 3D spec survey, the Onnia survey, is being conducted over a large area of the Vulcan basin. All of Block AC97-3 will be included in the survey.
Trans-Orient is optimistic about the activity that Onnia will trigger: "This survey will improve explorers' ability to identify exploration targets into a new dimension and is likely to stimulate the drilling of numerous new prospects, resulting in the probable establishment of further oil fields in this oil-rich area. More than 70 exploration wells are scheduled to be drilled in this area over the next 3 years, making it one of the world's most active exploration areas."
The Trans-Orient group has already identified two drillable prospects and several high-potential leads on Block AC97-3. The company expects to identify additional possibilities when the Onnia survey is completed.
The group must drill one well by the end of the third year of the permit term. Expenditures are expected to total $5 million for the first 3 years.
Trans-Orient's other block
Trans-Orient has an interest in another permit in the Timor Sea: ZOCA 96-16. The company holds a 33% stake in that permit, which covers 670,000 acres in the Zone of Cooperation.Robsearch Pty. Ltd. conducted an extensive technical review of existing seismic data for the permit group. The independent consulting firm found 14 prospects and leads in the permit area.
Robsearch postulates that the major prospects in this area could together hold more than 1 billion bbl of oil, says Trans-Orient. "Discussions are in progress with major companies to fund exploration wells on one or more of the major prospects later in the year."
Santos group
The Santos-led group was awarded an exploration permit for Block NT/97-1, a 1.9 million acre area in the Timor Sea off Northern Territory (see map on facing page).The permit requires operator Santos 37.5% and partners Petroz NL 25%, Beach Petroleum NL 25%, and Arrow Resources NL 12.5%, to acquire 4,500 km of seismic, reprocess 1,000 km of existing seismic, and drill two exploration wells in the first 3 years.
Regional studies and a geochemical survey indicate potential plays that will be evaluated by seismic in 1998 or early 1999.
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