Oilex lining up offshore well on Bazartete in Timor Sea

Offshore staff

NORTH SYDNEY, Australia – Oilex has completed evaluation of the Bazartete and Tutuala prospects in the JPDA 06-103 permit in the joint development area of the Timor Sea between Australia and Timor-Leste.

According to partner PanPacific Petroleum, a third commitment well will be drilled on Bazartete, where a discovery is considered more likely. This is due to potential oil charge modeled from the southern part of the contract area, based on offset well calibration.

Oilex estimates mean recoverable resources for Bazartete inside the permit of 65 MMbbl, with potential upside of 164 MMbbl. Subject to rig availability, drilling could start in 3Q 2012.

As a condition of the recently granted PSC extension, the partners have proposed relinquishment of the southern portion of the permit where Lore-1 and Lolotoe-1 were drilled, along with the eastern margin of the block.

5/7/2012

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