Project Profile
Value: Undisclosed
Location: JPDA 06-103 permit area, offshore Timor Sea, the joint jurisdiction of Australia and East Timor.
Resources: 65 MMbbls with an upside of 164 MMbbls
Area: unknown
Start-up Year: -
The Tutuala prospect is situated in the JPDA 06-103 permit area, offshore Australia in the Bonaparte Basin. The consortium consists of Oilex (operator, 10%), Global Energy (20%), GSPC (20%), Bharat PetroResources JPDA Limited (20%), Pan Pacific Petroleum (15%) and Japan Energy E&P JPDA Pty Ltd (15%).
Oilex estimates mean recoverable resources for Bazartete (within JPDA06-103) of 65 MMbbls with an upside of 164 MMbbls.
Seismic acquisition over the Tutuala prospect was completed in May 2011. Oilex has finalised evaluation of the Bazartete and Tutuala prospects in May 2012 according to which they have both emerged as attractive drilling candidates. The Bazartete prospect was selected by the Joint Venture participants as the third commitment well based on an assessment of a higher chance of success than Tutuala and proximity to potential oil charge modeled from the southern part of the contract area based on offset well calibration.
In July 2013, Oilex requested to terminate the PSC with East Timor\'s Autoridade Nacional do Petroleo (ANP), without penalty or claim. Oilex attributed this to the ongoing uncertainty caused by Australia and East Timor\'s dispute over maritime arrangements in the Timor Sea. Subsequently, in May 2015, the ANP served Oilex and its partners with a notice of termination and demand for around US$17 million to cover ANP\'s estimation of opportunity costs borne when Oilex failed to complete exploration activities and local content obligations set out by the PSC.
Oilex and its joint venture partners continue to dispute the claim, arguing that no penalty should be imposed given significant exploration undertaken by the JV which was not properly credited.
Operators:
Oilex: Operator with 10% interest
Global Energy: 20% interest
GSPC: 20% interest
Bharat PetroResources JPDA Limited: 20% interest
Pan Pacific Petroleum: 15% interest
Japan Energy E&P JPDA Pty Ltd: 15% interest