(MENAFN - ProactiveInvestors - Australia) Oilex (ASX:OEX) and its joint venture partners at its production sharing contract in the Joint Petroleum Development Area offshore northwest Australia have secured extension of the contract until 15 January 2014 from the Timor Leste.
The extension was sought by Oilex, which is the operator of the block 06-103 with 10% stake and is conditional upon the joint venture finding a suitable rig by 15 June 2013 or letter of intent to award/sign a contract for a suitable drilling facility to test the Bazartete prospect by 15 January 2014.
The JV which includes Pan Pacific Petroleum (ASX:PPP) and Japan Energy E&P with 15% each and Global Energy, GSPC and Bharat PetroResources each holding 20%, had been preparing to drill the Bazartete prospect as the third commitment well under the PSC terms.
But they were unable to spud the well before 15 January 2013 due to lack of rig availability.
Bazartete has been selected by the JV as the preferred target from several opportunities which included Tutuala in the north of the PSC contract area.
Bazartete is a high potential tilted fault trap targeting Middle Jurassic clastic reservoirs.
Oilex estimates gross, unrisked mean prospective resources of about 65 million barrels within the PSC contract area.
JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the Joint Petroleum Development Area where Timor Leste is the designated authority.