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
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