Australia's Oilex Limited, an Asia-focused junior exploration and production company, in its capacity as Operator, on behalf of the Joint Venture Participants in the Joint Petroleum Development Area (JPDA) 06-103 Production Sharing Contract (PSC), reported Tuesday that it has submitted a request to the Autoridade Nacional do Petroleo (ANP) to terminate the PSC by mutual agreement in accordance with its terms and without penalty or claim on July 12, 2013 (Request to Terminate).
The Request to Terminate followed Joint Venture concerns over the security of PSC tenure as a result of developments within the JPDA, including JPDA 06-103, which are outside of the control and influence of the Joint Venture Participants. These included the:
The ANP initially suspended the JPDA 06-103 PSC for 3 months on Jan. 15, 2014 to enable a response to the Request to Terminate to be determined, and the suspension period has been further extended through a series of successive three month extensions. The PSC is currently suspended until July 15.
The ANP has now responded to the Joint Venture in a letter dated May 11 and advised that the Request to Terminate has been rejected. The ANP has further indicated their intention to serve notice to terminate under the terms of the PSC. Such notice has not yet been received.
The Joint Venture will consider the ANP's response to ascertain the most appropriate way forward.
The Joint Venture partners in JPDA 06-103 are:
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