East Timor: Kita oil well development area approved

11 June 2008

Dili, East Timor, 11 June – The Timor Sea Designated Authority (TSDA) has approved the development area for the Kita oil well after Italy’s ENI announced a commercial strike.

The Kita well is located in the Joint Petroleum Development Área (JPDA), which is jointly run by East Timor and Australia, and is located some 170 kilometres from East Timor and 500 kilometres from Australia.

ENI is the operator(with 40 percent) pf JPDA 06-105 authorisation and the remaining capital is split between Inpex, 35 percent, and Talisman Resources Pty with the remaining 25 percent.

As well as this stake, ENI has 10.99 percent of the Bayu-Undan natural gas field, 100 percent of the Blacktip gas field and 80 percent of five exploration blocs under East Timor’s jurisdiction.

The Italian group has operated in Australia since 2000 and in East Timor since 2006. (macauhub)