Subject: Timor Sea gasfields development stepped up

also: Australian government awards Timor Sea permit to consortium

Australian Broadcasting Corporation March 9, 2001

Timor Sea gasfields development stepped up

The development of the Timor Sea gasfields has been stepped up today with US company, El Paso lining up to buy gas for parts of California and Mexico.

Phillips Petroleum will build a $3 billion Liquefied Natural Gas plant in Darwin as part of the project.

Phillips Petroleum says El Paso has signed a letter of intent to purchase nearly 5,000 tonnes of gas a year.

Another two companies are deciding whether to build methanol plants in Darwin using gas from the Timor Sea.

Jim Godlove, from Phillips, which along with Shell Woodside is developing the gasfields, says it is hoped fiscal and legal regimes governing the valuable resource are finalised soon.

"We have proceeded with a number of investment decisions in the absence of absolute confidence in this, we have evaluated the risks."

The Territory's Chief Minister, Denis Burke, says bringing gas onshore will change the Territory dramatically.

"That's where Darwin will really become a new gateway for Australia for product in and out of Australia, which we've always believed was its potential."

Exploration / Development News March 9, 2001

Australian government awards Timor Sea permit to consortium

By the OGJ Online Staff

HOUSTON, Mar. 7—The Australian government Wednesday said an exploration permit in the Timor Sea off northwestern Australia was awarded to a three-company consortium.

Daytona Energy Corp. has a 36% interest, Eagle Bay Resources NL has 30%, and Westranch Holdings Pty. Ltd. has a 34% interest. There were two other bidders for this area.

The 1,085-km AC-P-32 permit is in the Vulcan subbasin of the Bonaparte basin. Water depths range from 60 m to 100 m.

Australian Minister of Industry, Science, and Resources Nick Minchin said the consortium is expected to spend $20.3 million during the next 6 years.

"This includes the drilling of two exploration wells, and the purchase and reprocessing of seismic and remote sensing data in the area," Minchin said.

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