In November 2006, Oilex (JPDA 06-103) Ltd (Operator) and the Joint Venture parties entered into a Production Sharing Contract (PSC) with the Designated Authority for JPDA 06-103 with an effective date of 15 January 2007.  

On 12 July 2013 the Operator, on behalf of the Joint Venture participants, submitted to the Autoridade Nacional do Petroleo (ANP), a request to terminate the PSC by mutual agreement in accordance with its terms and without penalty or claim. This request arose from the ongoing uncertainty in relation to security of tenure in the PSC area attributable to ongoing arbitration proceedings between signatories to the Treaty on Certain Maritime Arrangements in the Timor Sea.  On 15 May 2015 the ANP issued a Notice of Termination and Demand for Payment (Notice) in the form of a monetary claim for US$17,018,790.  This amount reflects the ANP’s estimate of the cost of exploration activities not undertaken in 2013, as well as certain local content obligations set out in the PSC. 
 
The Joint Venture rejected this claim on the basis it considers a nil penalty should be imposed as the Joint Venture conducted significant Exploration which was not properly credited in accordance with the PSC.  The parties continue to engage in discussions to reach an amicable resolution to this matter and the Joint Venture remains hopeful a mutually acceptable outcome can be reached with the ANP.

In the event the parties are unable to reach an amicable settlement, any party may refer the matter to arbitration.  If this occurs, the obligations and liabilities of the Joint Venture participants under the PSC are joint and several.  

JPDA 06-103 Participants

Oilex Ltd (Operator)

10%

Pan Pacific Petroleum Ltd

15%

Japan Energy

15%

Gujarat State Petroleum Corporation

20%

Bharat Petroleum Resources Ltd

20%

Videocon

20%

 

  • 2012  
    • 50% relinquishment of Permit leave 1901km2
  • 2011  
    • Oct
      Processing being completed by CGGV.
    • May
      Tutuala 3D 220km2 3D acquisition completed in by PGS.
  • 2010  
    • Jan
      Lolotoe-1 Drilled
  • 2009  
    • Dec
      Lore-1 Drilled
  • 2008  
    • June
      Maura 3d Survey 1657km2