DILI, 26 july 2023 (TATOLI) – Timor Resources’ Board Director, Charles Brown said the company will announce the result of onshore exploration of oil and gas in the country’s southern interior.
Timor Resources has been exploring oil and gas in Covalima since 2021, with the company has drilled three wells in the municipality, namely Feto Kmaus, Liurai, and Lafaek.
“The good news is Timor-Leste has oil and gas. There is oil and gas on the ground. We don’t have the final result yet. So, there is nothing I can tell you officially. But we will have result very soon, during this year before the end of the year.” Charles Brown told the media at the President’s office, Aitarak Laran Dilii.
He said the result of the drilling of the three wells would be announced by the National Petroleum and Mineral Authority (ANPM).
Timor Resources had previously made it public that it would sue Timor GAP, the sole partner in the Covalima onshore drilling project, for failing to make its financial contribution.
Brown told reporters that the issue can be resolved later this week to advance the onshore drilling project in the country: “We hope we can resolve that this week.”
The announcement of the results will determine the available oil and gas resources on the ground, which Timor-Resoruces claimed are very good due to the high pressure in the well.
Filomeno de Andrade, Timor-Resources’ Country Manager said the company had invested more than US$70 million in the onshore drilling project in the southern municipalities, namely Covalima, and Manfahi.
Journalist: Filomeno Martins
Editor: Nelia Borges
