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Lakehouse backs Timor Resources with US$30M

20 Feb 2020 5:14 PM | Sonia Harvey (Administrator)

TIMOR Resources has secured a US$30 million finance facility via a convertible note structure from Lakehouse Group to progress its onshore drilling plans for  Timor-Leste‚Äôs  first onshore well in 44 years. 

Timor Resources, whose parent company is engineering firm Nepean, plans a 10 well campaign to run for 426 days, with five wells this year in one permit it operates under a production sharing contract arrangement with the Dili government and five more in its other permit in early 2021.  

The first spuds on the first of May.  

Wells Karau, Kumbilli, Laisaipi, Lafaek and Raiketin will be drilled in Permit A.  

Eastern Drilling has the drill contract and will use a 1000 Loadcraft rig, made in the US.  

Weatherford is providing the wireline, and explosives, along with other subcontractors from Indonesia coming onshore Timor-Leste for the first time 

The company will free carry national oiler Timor Gap for its 50% share of the full exploration costs over four years valued at US$55 million, and if successful will be seeking field development finance after the drill campaign, possibly again looking to Lakehouse which has over US$1 billion in funds under management.  

The company has two onshore permits in the south close to Suai where the nation plans to eventually develop an LNG export terminal to commercialise gas from its Greater Sunrise fields. 

The unnamed drill rig is currently en-route from the US with an expected arrival date of March. Once onshore, rig training for the 45-strong Timorese workforce will begin. 

"Timor Resources is very optimistic of an oil discovery. Any drilling in the new democratic nation of Timor-Leste will be a country-first," it said today.  

"All historical drilling was completed before any seismic was undertaken. There are two historical wells that had oil discoveries in the permit but were not developed for geopolitical reasons."

Source: Energy News Bulletin

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