17th Aug 2006 07:00
OILEX NL17 August 2006Centralised Company Announcements OfficeAustralian Stock Exchange Limited10th Floor, 20 Bond StreetSYDNEY NSW 2000Dear Sir,RE: OILEX CONSORTIUM AWARDED BLOCK 103 IN THE JOINT PETROLEUM DEVELOPMENT AREA - TIMOR-LESTE AND AUSTRALIAOilex is pleased to advise that the Timor Sea Designated Authority hasannounced the award of Block 103 located in the northern part of the JointPetroleum Development Area to a group of 4 companies led by Oilex, subject tosigning a Production Sharing Contract.Block 103 was rated by the group to be the most prospective of the blocks onoffer in the bid round that closed on 26 May 2006. It is located immediately tothe east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang discoveries/oil and gas fields and to the north of the Bayu-Undan gas condensate field.The successful bidding group comprises Oilex (Operator, 25%) and major Indiancompanies Gujarat State Petroleum Corporation Ltd (GSPC, 25%), VideoconIndustries Ltd (VIL, 25%) and Bharat Petroleum Corporation Ltd (BPCL, 25%).This award completes another element of the company's stated strategy ofacquiring high quality exploration acreage in countries around the Indian Oceanrim in joint ventures with its Indian alliance members.The Timor Sea Designated Authority was created on 2 April 2003, pursuant to theTimor Sea Treaty between the Governments of Timor-Leste and Australia. The roleof the TSDA is to administer the Joint Petroleum Development Area (JPDA) onbehalf of the Governments of Timor-Leste and Australia.Oilex looks forward to working closely with both Governments in this uniquearea of international cooperation.For and on behalf of the BoardB. H.McCarthyManaging Directorcc: DirectorsAttachment: Location Map of Timor Sea region REFER OILEX WEBSITE www.oilex.com.au Level 3, 50 Kings Park Road West Perth Western Australia 6005 P.O. Box 588 West Perth Western Australia 6872 Telephone (61 8) 9226 5577 Facsimile (61 8) 9226 2108 email: [email protected] www.oilex.com.au ENDOILEX NLRelated Shares:
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