Woodside-B. farms-in
GV.Z.P.4.-Reuter— Copyright) MELBOURNE. Timor Oil, Ltd. has reached an agreement with Wood-side-Burmah N.L. whereby Woodside may earn a major interest in Timor Oil’s exploration concession in Portuguese Timor. The arrangement provides that Woodside-Burmah, as operator, would maintain the concession and carry out immediately a marine seismic survey which upon completion. would give it the option to drill two wells, one of which must be offshore. A decision to drill the first well must be made by Woodside within six months, and the well must be begun within six months of the decision. If a second well is drilled it must be begun within six months of completing the first well. Completion of the programme will earn Woodside a 50 per cent working interest in the benefits of the concession, Timor Oil said.
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Press, Volume CXIV, Issue 33516, 23 April 1974, Page 18
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134Woodside-B. farms-in Press, Volume CXIV, Issue 33516, 23 April 1974, Page 18
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