Oilex advises that the first phase of offshore operations has commenced in the Block JPDA 06-103, located in the Timor Sea JPDA between Timor-Leste and Australia. The Geowave Champion seismic vessel has completed its clearances and is on location preparing to acquire the extensive, high resolution Maura 3D marine seismic program over an area of 2,082 square km. Data from this survey will be combined with existing 3D seismic surveys to provide 3D seismic coverage over more than 90% of the area of the Block. Processing of the data is expected to be concluded about the end of 2008 and the interpretation of the data over the entire block is anticipated to be completed by about end of March 2009. Locations for exploration wells will then be selected for drilling starting about mid-year 2009.
To that end, Oilex is also in negotiation with suppliers of offshore drilling equipment to secure the services of a suitable semisubmersible drilling unit to drill 2 wells in the first phase mid-year 2009 to be followed up by further drilling activity later in the year.
Participants in the JPDA 06-103 Production Sharing Contract are operator Oilex with 25%, Global Energy with 25%, Bharat Petroresources JPDA WITH 25%, and GSPC with 25%.
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