Phillips signs LoI to drill in Timor Sea

Jul 06, 2000 02:00 AM

Indo-Pacific Energy is pleased to announce that Phillips Petroleum has signed a Letter of Intent with Diamond Offshore Drilling to utilise the "Ocean General" semi submersible drilling rig to drill the Coleraine-1 well in the Company's Timor Sea exploration permit ZOCA 96-16. The drilling operation is presently expected to commence in late August/early September. Coleraine-1 is scheduled to take a month to drill to a 14,000 foot Target Depth, with provision for a further 15 days to flow test the well. Indo-Pacific Energy retains a 10 % equity in the permit area via its wholly owned subsidiary company ZOCA 96-16, and will be fully carried by Phillips Petroleum through all costs of drilling and testing Coleraine-1.
The Coleraine Prospect is situated immediately east of the presently producing Elang and Kakatua oil fields, and immediately north of the super giant Undan-Bayu gas-condensate field, all of which are operated by Phillips Petroleum. The Undan-Bayu field is scheduled for a $ 1.4 bn development, bringing it on-stream in 2003. At the recent Southeast Asia-Australia Offshore Petroleum Conference, the CEO of Phillips Petroleum reported "Bayu-Undan not only gives Phillips a strategic position in a major new energy province, it also plays a key role in an overall strategy we have put in place to grow our company and make it more competitive."
The Coleraine Prospect is a large structure with the potential to contain major oil reserves in the event of discovery. The Minotaur-1 well, drilled immediately adjacent to the structure, was not flow-tested but is interpreted as having hydrocarbon pay at the Elang/Plover objectives targeted in Coleraine-1.

Indo-Pacific Energy holds three other permits in the Australian sector of the Timor Sea, which is presently seeing a very active drilling phase in which the three most recent wells have all been discoveries. The Company anticipates that its Anson West Prospect in permit AC/P 26 (INDX 35 %) will be drilled in early 2001, while its major Ursa Prospect in AC/P 19 (INDX 65 %) could also be drilled during the course of the year.

Source: PR Newswire via Newspage
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« October 2020 »
October
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Register to announce Your Event

View All Events