JPDA

Timor Leste-Australia Joint Petroleum Development Area

JPDA 06-103

Location
Offshore Bonaparte Basin

PPP equity
15% held through wholly owned subsidiary Pan Pacific Petroleum (JPDA 06-103) Pty Ltd

Operator
Oilex (JPDA 06-103) Ltd 10%

Other partners
Global Energy Inc 20%, GSPC (JPDA) Ltd 20%, Bharat PetroResources JPDA Limited 20%, Japan Energy E&P JPDA Pty Ltd 15%

Awarded
Effective 15 January 2007

Area
3741 km²

Pan Pacific Petroleum (JPDA 06-103) Pty Ltd has acquired a 15% interest in the Block of JPDA 06-103 Production Sharing Contract, by farming into a 5% interest from each of Global, Bharat and GSPC.  Earning obligations related to the drilling of the first two exploration wells in the contract area were completed by January 2010, and approval of the assignment was received from the Autoridade Nacional do Petróleo of Timor Leste (the Designated Authority) in February.

 

JPDA 06-103 is located within the northern Bonaparte Basin, offshore northwest Australia, within the joint petroleum development area (the “JPDA”) issued pursuant to the Timor Sea Treaty between Timor-Leste and Australia. The contract area, which extends over 3700km2 in area is adjacent to several existing oil fields such as Laminaria and Corallina and the recent Kitan discovery, and prospects similar to this successful oil play are believed to exist in JPDA 06-103.

The first two of the prospects, Lore and Lolotoe were spudded in December 2009.  The first well, Loré-1 was drilled to test the Elang and Plover objectives, but encountered only minor shows with no zones of significant moveable hydrocarbons, and the well was plugged and abandoned.  The second well, Lolotoe-1 targeting the same objectives drilled to its target depth of 3935m MDRT, and log evaluation of the primary objective Elang/Plover formation sandstones also indicated that no commercial hydrocarbon zones were present and the well was plugged and abandoned.

Despite the disappointment of the Loré-1 and Lolotoe-1 exploration wells, the contract area remains very attractive for further exploration. The operator has mapped over 20 prospects with the potential to host significant oil reserves, most of which have different geological characteristics and are located to the north of the structures drilled by Lore-1 and Lolotoe-1.

The results of the initial drilling program are being incorporated into the interpretation of the remaining prospects and decisions on the drilling program for 2010-2011.