West Oil Farms Out AC/P22 in the Timor Sea
West Oil has reached agreement to farmout the AC/P22 permit in the Timor Sea. West Oil has a 50% interest in AC/P22 which contains the Puffin-2 and Puffin-5 discoveries. Century Exploration Inc and Concordia Resources, LLC have agreed to undertake Pre Stack Depth Migration ("PSDM") processing on 150 sq km of Onnia 3D seismic data over the Puffin Horst to earn an option to drill a well in the permit. Century and Concordia will earn an 80% interest in AC/P22 by drilling and, if warranted, testing and suspending one well.
The agreement is subject to a mutually acceptable farmout agreement and Century and Concordia have six months from the date of signing the formal farmout agreement to complete the PSDM processing and interpretation.
Century and Concordia are focussed on the existing discovered oil pools on the Puffin Horst and using their experience in the Gulf of Mexico to bring these fields on stream cheaply and effectively.
West Oil managing director Mr Charles Morgan said "West Oil welcomes the entrance of Century and Concordia into the Vulcan Sub-Basin. The low cost structures of companies such as Century and Concordia are likely to lead to the development of the fields in AC/P22."
Norwest Energy NL also has a 50% interest in AC/P22.