TEX (the “Company”) is an Indonesian focused oil and gas exploration company, originally formed in 2012, and owned by a small group of private investors, all of whom have a track record of international exploration success but more particularly in SE Asia and Australia.
TEX has one Production Sharing Contract and one Joint Study Agreement (completed),
both of which are adjacent to each other in eastern Papua on the border of PNG. Both blocks lie on the western flank of the proven Papuan basin, close to several significant gas-condensate and oil discoveries, which increases the chance of exploration success. The blocks are bordered by the navigable Digul and Fly rivers, which provide an easy export route for any discovered hydrocarbons.
At present, TEX holds a 49% direct interest in the SEP PSC through Kau 2 Pte Ltd, a wholly owned Singaporean company. TEX also holds an additional, indirect interest of 24.99%..
To focus on creating value through successful exploration and appraisal activities, in partnership with another like-minded company, or
Following the completion of the JSA, which included a 19,000 km aerogravity and magnetic survey, the company was awarded the SE Papua PSC (8,716 km2) on 22 May 2015.G&G work since then has included further gravity and magnetic interpretation, field work, regional reconnaissance and community liaison, environmental baseline studies and preparation for Term 1 seismic operations.. read more…
Both blocks lie on the western flank of the proven Papuan Basin which has total discovered resources of some 800 million bbls oil and NGL’s and 28 Tcf of gas. The foreland part of this basin, adjacent to the TEX blocks, has discovered resources of 1.2 Tcf gas and 60 mmbbl condensate on the PNG side of the border with a further 50+mmbbl oil (Kau oil discovery) on the Indonesian side. Most offset analogue discoveries (Stanley, Ketu/Elevala/Tingu/Ubuntu) contain high CGR gas (20-60bbls/mmscf), although there is strong evidence of an oil charge in the basin, especially on the Indonesian side of the border, as evidenced by the Kau oil discovery (47oAPI) and the Bukit (35oAPI), Boha and Sesknut oil seeps.. read more…
This initial survey would be complemented by a detail dynamite survey using node receivers
The SE Papua PSC is subject to Indonesian frontier terms. The leads display robust economics for both small- scale LNG (1.5 or 2Mtpa) and oil under conservative project cost and reservoir performance assumptions. Liquids export would be via the Digul River, which is navigable by ocean-going vessels at least as far as Asike.
The East Papua JSA will be subject to the new gross split terms (MR52/2017). Contractor take should match or exceed take under the old cost recovery terms.
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