Privately-owned exploration company Timor Resources has started the search for a new chief executive as it prepares for the next phase of exploration work in Timor-Leste.
Timor Resources operates two onshore production sharing contracts — TLOT-17-08 (Block A) and TLOT-17-09 (Block C) — in Timor-Leste with three exploration wells drilled between 2021 and 2023.
The company said that it is now planning for a transition to become a project developer or producer with a two-well appraisal campaign later this year, based on its website.
An independent resource audit conducted by Molyneux and Associates last June estimated total best estimate contingent resources across the two permits at 19.9 million barrels of oil equivalent and 52 billion cubic feet of gas.
The appraisal drilling is “the focus of 2026 for the company”, Timor Resources said on Monday, with the incoming chief executive expected to progress the campaign.
“Given the time-sensitive nature of the 2026 appraisal drilling programme, the recruitment process is underway,” Timor Resources added, with the EOI submission set at 26 May.
The operator is looking for a candidate with demonstrated experience in drilling onshore wells, managing multiple operational and service contracts with a small team and an ability to deliver complex projects.
Appointing a new chief executive is contingent on approval from Timor Resources’ major shareholders, which includes Australia-based industrial group Nepean and London private equity group Lake House Corporation.
The company’s current chief executive and founder, Suellen Osborne, is also a managing director of Nepean.
Osborne confirmed her departure to Upstream, stating she will remain as a director on the Timor Resources board.
Osborne added that Timor Resources has secured a rig contract with Eastern Drilling for a US-made Loadcraft 1000 HP rig for the upcoming drilling of two appraisal wells.
“Timor Resources enters [the second quarter of] 2026 with an exciting forward programme focused on appraisal drilling, extended well testing and progressing the project toward commercial development,” she said.
The company last September concluded a community consultation on its upcoming drilling and extended well testing programme, according to its social media page.
An EOI for an unmanned aerial vehicle (UAV)-borne aeromagnetic survey covering 200 square kilometres of Block C, to acquire high-quality magnetic data for structural and geological interpretation at depths of up to 1500 metres, concluded on 9 March.
Upstream has reached out to Timor Resources and its 50:50 PSC partner Timor GAP for comment.
Source: https://www.upstreamonline.com/people/roll-up-roll-up-australian-indie-seeks-new-ceo/2-1-1988209