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Taiwan's largest energy group, Chinese Petroleum Corporation (CPC), today signed a farm in agreement with a consortium of junior Australian explorers to explore in the Timor Sea. It has been ten years since the group was involved in the Australian sector.
Norwest Energy, Eagle Bay Resources and West Oil have farmed out their ACP/32 block to the CPC subsidiary, OPIC Australian Pty Ltd. The block is east of the Puffin oil discovery and contains the Magnolia structure. OPIC will have 25% equity.
OPIC will fund a third of the cost of 3D seismic and of the dry hole cost of one well. After the farm-in the interests will be Norwest Energy 25.5%; Daytona Energy Corporation 13.5%; Eagle Bay Resources NL 22.5%; West Oil NL 13.5%; and CPC 25%.
