Sedco Nixes Rig Contract for Oilex's JPDA Wells in the Timor Sea


Timor Sea Map
(Click to Enlarge)

Transocean Legend
(Click to Enlarge)

Drilling contractor Sedco Forex International Inc (Sedco) has notified Oilex's wholly owned subsidiary Oilex (JPDA 06-103) Limited that it has elected to terminate the agreements between them for the drilling of exploration wells using the Transocean Legend semisubmersible drilling rig in contract area JPDA 06-103 in the Joint Petroleum Development Area (JPDA) between Australia and Timor Leste.

Oilex and the JPDA 06-103 Joint Venture parties have no further financial obligations to Sedco arising out of the termination.

Oilex is well positioned to conclude its farm-out negotiations to assist in funding the drilling of the required wells under the PSC, subject to the availability of a suitable replacement drilling rig.

Oilex is actively seeking an alternate rig and is working with the regulatory authorities in Dili, Timor Leste to obtain an extension of time to the exploration period under the Production Sharing Contract to drill the required wells.

The termination of the drilling contract with the Oilex Joint Venture by Sedco follows Sedco's earlier termination of the drilling agreement with Nexus Energy WA Proprietary Limited. Nexus, Sedco and Oilex had entered into a Cooperation Agreement in September 2008 which provided for Nexus and Oilex to use the Transocean Legend on back-to-back drilling programs. Under the Cooperation Agreement Sedco had the right to terminate the Oilex drilling agreements if the Nexus drilling agreement had been terminated.
 

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
Junior-Level Mechanical HVAC Design / Energy Audit Engineer
Expertise: HVAC|Mechanical Engineering
Location: San Antonio, TX
 
Energy Engineer
Expertise: Mechanical Engineering
Location: Gainesville, FL
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours