Cultus-led group offered Timor exploration block<\/p>\n
WELLINGTON (Reuter): A consortium including New Zealand's
\nCultus Petroleum NL has been offered the exploration block AC96-1
\nin the Timor Sea, Cultus said yesterday.<\/p>\n
The consortium consists of four companies -- Cultus Timor Sea
\nLimited, Cosmo Oil Co. Limited, Crusader Resources NL and
\nPanCanadian Petroleum Limited, each with a 25 percent share.<\/p>\n
"The offer of the Timor Sea Block AC96-1 provides Cultus and
\npartners with further quality acreage in a proven oil producing
\nBasin," Cultus said in a statement.<\/p>\n
"The winning bid involves seismic acquisition and reprocessing
\nduring the guaranteed first three-year period of the six-year
\npermit term, followed by the optional drilling of two wells (one
\nin each of years four and six) for a total indicative expenditure
\nof A$19.7 million,"<\/p>\n
Cultus said the group has benefited from the expertise Cultus
\nhad developed in the area.<\/p>\n
"The fact that adjacent blocks, both in Australian and
\nIndonesian waters, have substantial drilling commitments attests
\nto the industry's perception of the prospectivity of the area,"
\nCultus said.<\/p>\n
Cultus said it saw important similarities between projects in
\nAC96-1 and the Laminaria oil discovery, which was in a similar
\ngeological setting.<\/p>\n
"The Cultus-operated consortium includes large multinational
\noil companies from Canada and Japan, which have been participants
\nwith Cultus in other ventures in the Timor Sea," Cultus said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cultus-led-group-offered-timor-exploration-block-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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