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West Oil puts the foot down

UNDETERRED by some disappointing Timor Sea drilling results in the past year, West Oil has put the pedal down on its drilling strategy.

The company has lodged a prospectus to raise up to $1.6 million to help fund new farm-in responsibilities in the Carnarvon Basin.

The non-renouncable rights issue will go towards further exploration in the company’s Timor Sea oil interests.

West Oil managing director Charles Morgan said the company hoped to be involved in the drilling of up to five wells within the next

18 months. This included West Oil’s new 10

per cent interest in TP/17 in the Carnarvon

Basin, to advance the drilling of a prospect assessed to contain up to 48 million barrels of oil.

Mr Morgan confirmed the company was looking at other farm-in opportunities in the Carnarvon Basin, with a view to increasing its short to mid-term drilling program in a region generally shallower than the Timor Sea.

The proposed timetable for new wells in West Oil’s Timor Sea interests includes a first quarter 2002 well in AC/P26, a new Puffin (AC/P22) well during the second quarter and another well in ZOCA 96-16 sometime during 2002.

AC/P26, in which West Oil has a 12.5 per cent interest, is thought to contain up to 300 million barrels of oil over two prospects and AC/P28, another West Oil interest for which recent data has attracted interest from a number of other companies, could contain 100 million barrels.

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