The latest on peace treaty between Australia and East Timor setting maritime border (all times local):

Australia and East Timor have signed a historic treaty drawing their maritime boundary, ending years of bitter wrangling over billions of dollars of oil and gas riches that lie beneath the Timor Sea and opening a new chapter in relations. "With this treaty we open a new chapter in relations between Australia and Timor-Leste," said Australian Foreign Minister Julie Bishop, who signed the treaty alongside East Timor's Deputy Minister of the Prime Minister for the Delimitation of Borders Hermenegildo Augusto Cabral Pereira. Australia has offered to give East Timor 80 per cent of the revenue if the oil and gas is piped to Darwin, while East Timor wants a 70 per cent share with the resources processed on its shores. Under the agreement, East Timor will receive a bigger share of the revenue than Australia depending on the development concept - 70 percent of the revenue if the gas is piped to the tiny country or 80 percent if the gas is piped to Australia for processing. UNITED NATIONS (Reuters) - East Timor and Australia signed a treaty at the United Nations in New York on Tuesday to resolve a long-running dispute over their maritime border and struck a deal on how to share revenue from the offshore Greater Sunrise gas field. "It's in our interest for Timor Leste to be a stable and prosperous neighbour, and that's why we want to see a project developed that's economically viable in the long term to deliver the maximum benefits," she said.
Australia and East Timor sign a treaty for a permanent maritime border in the Timor Sea, ending a decade-long dispute over rights to the sea's rich oil and gas reserves.