25 Jan 2013 07:00
Please refer to the OILEX LTD Website to view the map contained in this announcement
25 January 2013
JPDA 06-103 Production Sharing Contract - EXTENSION
Oilex Ltd (ASX:OEX, AIM:OEX) has been advised by the Autoridade Nacional do Petróleo of Timor Leste (ANP) that the current contract period expiry date of 15 January 2013 for the Joint Petroleum Development Area ("JPDA") 06-103 Production Sharing Contract, has been extended to 15 January 2014. A condition of the extension is the requirement to secure a suitable rig by 15 June 2013.
Oilex, as Operator and on behalf of the JPDA Joint Venture, requested an extension to the contract period as indicated in the Company's September 2012 quarterly report.
Engineering reviews and negotiations continue in an effort to identify and secure a suitable rig from several possible candidates for drilling the Bazartete Prospect as the third commitment well. Oilex has assessed the Bazartete Prospect to have the potential to contain mean prospective oil resources of approximately 70 million barrels (unrisked, 100% basis) with a 23% chance of success within JPDA 06-103. Further information on Bazartete is shown below.
Oilex has a 10% participating interest in the JPDA 06-103 Joint Venture.
For further information, please contact:
Oilex Ltd | +61 (0)8 9485 3200 | (Australia) |
Ron Miller Acting Managing Director oilex@oilex.com.au | ||
RFC Ambrian Limited (Nominated Adviser and Joint AIM Broker) | ||
Samantha Harrison samantha.harrison@rfcambrian.com | +44 (0) 20 3440 6800 | (UK) |
N+1 Singer (Joint AIM Broker) | ||
Jonny Franklin-Adams jonny.franklin-adams@N1Singer.com | +44 (0) 20 7496 3000 | (UK) |
Tavistock Communications | +44 (0)207 920 3150 | (UK) |
Ed Portman eportman@tavistock.co.uk | +44 (0)7733 363 501 | (UK) |
Mercury Consulting David Greer david.greer@mercuryconsulting.com.au | +61 (0)2 8256 3355 | (Australia) |
Bazartete Prospect Summary
The Bazartete Prospect is located in the Northern Bonaparte Basin and is proximal to producing oilfields, Laminaria/Corallina and Kitan as well as the Kuda Tasi oil discovery. It is a large robust tilted fault block structure located on an interbasinal arch which may be a potential focal point for regional migration of hydrocarbons. The range of Prospective Resources assessed by Oilex is shown in Table 1.
Table 1
Prospective Resource Estimate | Unrisked Estimates | ||
Millions of barrels | Low | Mean | High |
Gross (100%) | 9 | 71 | 179 |
Net Attributable to Oilex (10%) | 0.9 | 7.1 | 17.9 |
Notes about Resource Estimates:
The resource volume estimates tabled above have been prepared in accordance with the definitions and guidelines set forth in the Petroleum Resources Management System, 2007 approved by the Society of Petroleum Engineers ("SPE-PRMS"). Net resources are attributable to Oilex's net working interest and include any Government share of production applicable under the Production Sharing Contract. The prospective resources shown above have been estimated using probabilistic methods. In accordance with the SPE-PRMS,Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.
Information in this document relating to hydrocarbon reserves or resources has been reviewed and checked by Mr Peter Bekkers B.Sc. (Hons), the Chief Geoscientist of Oilex Ltd who has over 15 years' experience in petroleum geology and is a member of the Society of Petroleum Engineers and AAPG. Mr Bekkers consents to the inclusion of the information in this report relating to hydrocarbon reserves and resources in the form and context in which it appears. Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resources Management System, 2007