Oil in Timor Sea

Oil in Timor Sea

SYDNEY (Reuter): Petroz NL said the Kakatua North-1A exploration well in the Timor Sea had encountered a gross hydrocarbon column of about 70 metres.

Petroz said the well, operated by the BHP Petroleum unit of Broken Hill Pty Co Ltd, was expected to have a positive impact on development of the Elang/Kakatua oilfields in the Timor Gap.

Kakatua North-1A was located on a separate structure 1.1 kilometers to the north of the Kakatua-1 oil discovery, it said.

"Preliminary analysis indicates that the objective section in the well is very similar to the Kakatua-1 well, which was drilled in 1994," Petroz said in a statement.

BHP holds 42.417 percent, Santos Ltd 21.426 percent and Indonesia's Inpex Sahul Ltd 21.209 percent. Petroz holds 14.94 percent, with 13.37 percent held as Petroz (Timor Sea) Pty Ltd and 1.57 percent as Emet Pty Ltd.