More oil found in Timor

More oil found in Timor

MELBOURNE (Dow Jones): The participants in the Elang oil field
in the Timor Sea reported Monday increased oil production from a
new drill well.

A sidetrack well drilled into the existing Elang-1 well has
boosted production from the well to 20,000 barrels of oil a day,
up from a production test last week that flowed at a rate of
8,500 b/d.

Ahead of the sidetrack well being drilled, the Elang-1 well
was producing just 3,000 b/d.

Elang is situated in the so-called Zone of Cooperation, an
area jointly administered by Australia and newly independent East
Timor.

The Elang field is a joint venture comprising U.S.-based
Phillips Petroleum Co. with 42.4 percent, Australia's Santos Ltd.
with 21.4 percent; Japan-based Inpex Sahul Ltd. with 21.2
percent; and Australia's Petroz NL with 15 percent.