The Timor Sea Designated Authority approved the development area for the Kitan oil field following Eni's declaration of commercial discovery. The Kitan discovery is located in the permit 06-105 of the Joint Petroleum Development Area, an area jointly administered by Timor-Leste and Australia and situated approximately 170 km off the Timor-Leste coast and 500 km off the Australian coast.
Kitan has recently been discovered by the successful exploration activity performed by Eni through the well Kitan-1. Following the discovery, Eni also drilled the well Kitan-2 which was completed on March 30, 2008 and confirmed the presence of a potentially commercial oil accumulation.
Eni will now progress the preparation of a Development Plan to the TSDA that will be delivered within 12 months of this approval.
Eni is the operator, holding 40% in the permit JPDA 06-105, with Inpex holding 35% and Talisman Resources Pty Limited holding 25% as joint venture partners.
This discovery reinforces Eni's presence and growth potential in the region.
Eni has been operating in Australia since 2000 and in Timor-Leste since 2006.
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