Timor Resources Holdings (TRH), a member of New South Wales engineering company Nepean Group, has been awarded two onshore oil and gas permits in Timor-Leste.
A production-sharing contract was signed by TRH and Timor-Leste officials late last week following negotiations that began in September 2016.
The areas are in the south of the country where there are as many as 60 known oil seeps.
Work on the exploration program will begin immediately. TRH has pledged to spend at least $60 million (Aus.) during the next 3 years.
Initial work will involve a 900-km, 2D seismic survey next year.
