Offshore staff

MELBOURNE, Australia – Bass Strait Oil Co. Ltd. has received a five-year extension to its exploration permit Vic/P41 offshore Australia.

The permit is in 80 to 250 m (262 to 820 ft) water depths in the Gippsland basin, 40 km (25 mi) offshore. The 540 sq km (208 sq mi) renewal area includes the Kipling and Benchley prospects as well as Lead A.

The main part of the permit is covered by the existing Oscar 3D seismic survey acquired in 2005. The primary term work program commitment is to acquire 3D seismic data over the Lead A area and then to undertake simultaneous seismic inversion of that data. This, together with the inverted Oscar 3D survey results, is expected to provide a data set from which to determine the optimal exploration drilling target to test the Golden Beach play.

Vic/P41 is held by a joint venture of Bass Strait, 45%; operator Moby Oil and Gas Ltd, 25%; Strategic Energy Resources Ltd, 25% (reducing to 17.5% - subject to farm in by OBL) Oil Basins Ltd, 5% (potentially increasing to 12.5%).

12/05/2011