Bass Strait Oil to accept Vic/P42 permit renewal offer

The Joint Authority has offered Bass Strait Oil Co. (BAS) a 100% interest in a new five-year term for the Vic/P42 permit in the offshore Gippsland basin.

Offshore staff

MELBOURNE, Australia -- The Joint Authority has offered Bass Strait Oil Co. (BAS) a 100% interest in a new five-year term for the Vic/P42 permit in the offshore Gippsland basin. BAS intends to accept the offer and anticipates a formal grant of the permit in the coming weeks.

The renewal area comprises approximately 930 sq km (359 sq mi) and is almost entirely covered by modern 3D seismic surveys, the company says. Vic/P42 is located adjacent to Kingfish, Australia’s largest oil field, as well as to Bream and other producing ExxonMobil/BHP oil and gas fields. Existing nonproducing gas and condensate discoveries within Vic/P42 include ZaneGrey and Omeo.

BAS will initially focus on re-evaluating known 3D-defined prospects such as Tarra
Southeast, which was mapped as a low risk prospect by the permit’s previous operator. As the new operator, the company also plans to re-assess the full inventory of identified prospects and leads as well as investigate new plays in the permit.

Under the permit renewal, BAS will commit to a three-year work program, culminating with the reprocessing of existing 3D seismic data in the third year.

08/20/2009

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