TIMOR GAP, E.P. has reached a binding agreement with Osaka Gas Australia to acquire Osaka Gas Australia’s 10 percent participating interest in the Greater Sunrise project.
The acquisition encompasses Osaka Gas Australia’s interests in the two existing Joint Petroleum Development Area Production Sharing Contracts (PSC 03-19 and PSC 03-20) and the two existing Australian retention leases (NT/RL2 and NT/RL4), pending the finalization of the new single Production Sharing Contract under the Maritime Boundaries Treaty between Timor-Leste and Australia.
TIMOR GAP’s Chief Executive Officer, Rui Soares, stated: 'This acquisition is a significant milestone for TIMOR GAP and for Timor-Leste. By consolidating participating interests in the Greater Sunrise project and increasing Timor-Leste’s overall participation, we expect to fast-track pending work with a view to the selection of the Timor LNG development concept in the near future.'
Mr. Soares added: 'We also expect this acquisition to improve alignment within the Sunrise Joint Venture, enabling the joint venture partners to work together more effectively towards a final investment decision that will unlock the value of the Greater Sunrise resource for the benefit of the people of Timor-Leste, the Sunrise Joint Venture members, and all other stakeholders.'
The Sunrise and Troubadour gas and condensate fields, collectively known as the Greater Sunrise fields, are located approx. 150 kms south-east of Timor-Leste and 450 kms north-west of Darwin in the Northern Territory of Australia. The Greater Sunrise fields hold estimated contingent resources of 5.13 trillion cubic feet of gas and 225.9 million barrels of condensate.
TIMOR GAP, E.P. is Timor-Leste’s national oil company, established to manage the nation’s participation in petroleum exploration and development activities. TIMOR GAP is committed to developing Timor-Leste’s hydrocarbon resources in a manner that maximizes long-term value for the people of Timor-Leste.
Completion of the transaction is subject to all necessary governmental and regulatory approvals and customary conditions precedent.
Source: TIMOR GAP, E.P.
