News

December 02, 2009

ASX-listed Oilex Ltd Is Forging Ahead With Its Highly Prospective Drilling Venture In The Timor Sea

ASX listed Junior Oilex has a wide geographical spread of interests with ventures in India, Indonesia and Oman. While some of these assets have performed indifferently during 2009 a project closer to home in the Timor Sea, which seemed the least advanced of the company’s schemes a few months ago, is now being fast tracked and could mean a huge step up for the group if it is successful

Oilex is involved in a joint venture in the Timor Sea contract area JPDA 06-103, which is highly prospective. Six months ago it looked as if it would remain just that, a good prospect. A rig had been found but the contractor Transocean unilaterally terminated the contract. Now, however, Oilex has farmed out some of its interest. Japan Energy E & P has taken  15 per cent of Oilex’s stake, leaving Oilex with 10 per cent.

For this, Japan Energy will pick up Oilex’s back costs and carry...