Rigzone - by Quintella Koh - Rigzone Staff
Oilex said Friday that it has been advised by the Autoridade Nacional
do Petróleo of Timor Leste that the current contract expiry date for
the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing
Contract (PSC) has been extended by one year to Jan.15, 2014.
The extension, sought by Oilex, the operator of the block with a 10
percent stake, comes with a requirement to secure a suitable rig by June
15, 2013.
"Engineering reviews and negotiations continue in an effort to
identify and secure a suitable rig from several possible candidates,"
Oilex said in its disclosure on Friday.
The partners of the block have been preparing to drill the Bazartete
prospect since the middle of last year as the third commitment well
under the PSC terms, but they have been unable to spud a well due to a
lack of rig availability.
Besides Oilex, other oil operators in the Southeast Asian region are
also experiencing difficulties in securing rigs for their drilling
programs. Gas2Grid's Director Patrick Sam Yue told Rigzone on Thursday
that he has received several requests from regional oil operators
seeking to loan the company's rigs, Rig-1 and Rig-2, for drilling their
programs this year.
Oilex disclosed in a statement last year that the Bazartete
prospect is selected due to its resource potential. The prospect, said
Oilex, has an unrisked mean prospective oil resource of approximately 70
million barrels, with a 23 percent success within JPDA 06-130.
The Bazartete prospect is located in the Northern Bonaparte Basin and is near to producing oilfields, Laminaria/Corallina and Kitan as well as the Kuda Tasi oil discovery.
The partners in the PSC, apart from Oilex, are: Videocon JPDA 06-103
(20 percent), GSPC (20 percent), Bharat PetroResources (20 percent),
Japan Energy E&P (15 percent) and Pan Pacific Petroleum (15
percent).
JPDA 06-103 is sited within the northern Bonaparte Basin, offshore
northwest Australia, within the JPDA where Timor Leste is the designated
authority.
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