Media Release

Dili, 31 August 2022

Full Tensor Gravity Gradiometry Survey (FTG) for Onshore Production Sharing Contracts (PSC) TL-OT-21-17

To follow up Project Launching and Socialization of Petroleum exploration activities in the PSC TL-OT-21-17 on 24 June 2022 and after getting Health and Safety and Environment (HSE) and FTG Survey and other relevant approvals from Autoridade Nacional do Petróleo e Minerais (ANPM), the FTG survey implementation was initiated by TG Pualaca Block and its contractor BellGeospace on Saturday, 27 of August 2022 at The President Nicolau Lobato International Airport, Dili, Timor-Leste.

The FTG survey is carried out under the Onshore Production Sharing Contract (PSC) TL-OT-21-17. This onshore PSC was awarded to TIMOR GAP Pualaca Block, Unippessoal, Lda., a subsidiary of Timor-Leste’s national oil company TIMOR GAP, E.P. as a sole operator (100%) which was signed on the 7 of December 2021.

The Minimum Exploration Work Requirements in the initial period for the PSC include the acquisition of FTG survey, Amplified Geochemical Imaging Studies and 100Lkm 2D seismic survey. The FTG Survey acquisition with a total of 3149 Lkms with 500m line spacing for TIMORGAP Pualaca Block has been completed on 13 September 2022.

The TG Pualaca block covers a highly prospective area, where active petroleum systems elements including light sweet oil and gas seeps can be observed (Butler -Timor Oil Ltd, 1958) within the contract area. The FTG Survey first step of exploration activity in the TIMORGAP Pualaca Block area and it is a crucial step to explore and identify FTG leads/prospects to design seismic lines efficiently to obtain undiscovered Total Petroleum Initially In-place (PIIP) prospects from a seismic survey within the PSC’s boundary.

TG Pualaca Block is determined to be a successful company in exploring petroleum in the contract area and hopes for efficient and safe delivery of commitment under the PSC.