2009-09-25-2009-08-28
To buy 15% WI in Block JPDA 06-103 in Timor Sea, offshore Australia.
Japan Energy E&P JPDA Pty Ltd., a subsidiary of Japan Energy Corp. Ltd., plans to acquire an interest in offshore block JPDA 06-103 in the Timor Sea offshore Australia via a farm-out agreement with Australia-based Oilex Ltd. (Australia; London AIM: OEX) for an undisclosed price. Japan Energy will earn a 15% participating interest in the production sharing contract in exchange for paying certain past costs and future funding for Oilex's remaining 10% share of the costs for the first two commitment wells up to an agreed cap. Oilex will remain as operator. Drilling may begin in the fourth quarter.