Bharat Petroleum to Take Stake in Timor Sea License



Bharat Petroleum Corporation has signed a farm-in agreement for acquiring participating interest in the Australian block AC/P32 in the Timor Sea area. After farm-in, the participating interests of the Consortium partners shall be: Coogee Resources Ltd-Operator (24.64%), Westranch Holdings (a fully owned subsidiary of Norwest Energy NL) (24.08%), Adelphi Energy (18.48%) and Bounty Oil and Gas (12.8%). The Company will have a participating interest of 20% in the block. The exploration license has 6 years duration and at present the consortium is in the fourth year of operation.
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