Anadarko To Drill in Timor Sea
West Oil announced that Anadarko Petroleum Corporation is exercising its option to drill an exploration well in AC/P26 in the Timor Sea. Anadarko will pay 100% of the well costs with an option to take 75% of AC/P26, of which West Oil owns 50%, within 90 days of the well being completed. If Anadarko elects to take 75% of AC/P26 after drilling the exploration well West Oil will retain 12.5% of AC/P26. Trans-Orient Petroleum (Aust) Pty Ltd will own the remaining 12.5% interest in the Permit.
Anadarko will drill the well updip of the Anson well, in AC/P26, after it has drilled the Sleeper and Sebring wells in AC/P27 and AC/P25. West Oil recently announced an agreement to earn an option over an effective 5% free carried interest in Sleeper in AC/P27 and an effective 10% free carried interest in Sebring in AC/P25 from Daytona Energy Corporation. West Oil will now be participating in all three wells to be drilled by Anadarko starting in January 2002.