TIMOR Resources said today it hoped its long delayed south coast drill campaign will begin in the fourth quarter once it receives its Environmental Approval to drill.
These will be the first onshore wells drilled in five decades in Timor-Leste.
Mining and petroleum body the ANPM will issue the approval under the new onshore oil and gas regulations in the coming weeks. Dili finally enacted its long awaited onshore petroleum laws in late May.
The law had been pending promulgation since February last year in the small, politically tumultuous nation and is crucial not just for Timor Resources but for the on- and-offshore bidding round currently underway.
The 12-month round was due to end in October but has been extended another year given market conditions.
It is only Timor-Leste's second block auction and offers 11 offshore and seven onshore blocks, with several onshore blocks in the undrilled frontier areas of the north.
"Drilling plans have unfortunately been delayed due to COVID 19 and the obstacles created by the pandemic, travel restrictions and supply chain disruption," it said today.
Energy News reported in May drill plans had been pushed back and then, the company hoped for a June spud.
Timor Resources spent last year busy with a 500sq.km 2D seismic campaign in the lead up to this year's drilling campaign, which originally planned for five wells this year and, pending success, five in early 2021. The project is operated under a production sharing contract with the government.
Based on the 340sq.km of seismic a best-estimate resource of 342 million barrels of prospective resources was calculated by an independent third party, which Timor suggests could indicate potential for a discovery of over 20 million barrels of oil equivalent.
Source: Energy News Bulletin