The Timor-Leste/Australia Joint Petroleum Development Area (JPDA) is located in the Timor Sea. It is approximately 400 kilometres northwest of Darwin, Australia and around 100 kilometres south of Timor-Leste. Explorers have historically focused on gas targets, but there are significant amounts of undeveloped gas in the area so exploration in the near-term is expected to focus on oil. Companies such as Woodside and Shell have participated in the basin in the past, but interest waned due to disappointing exploration results, and political and fiscal uncertainty. This Exploration Basin report provides a detailed analysis of exploration in this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. We evaluate the yet-to-find volume and value potential. This report is accompanied by multiple excel downloads which detail costs, volumes and value.