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.