BAS receives Gippsland basin permit cancellation for Vic/P66

Bass Strait Oil Co. Ltd. has received formal notice canceling Petroleum Exploration Permit Vic/P66 in the Gippsland basin, with the process formally approved by the National Offshore Petroleum Titles Administrator (NOPTA) on March 18.

Bass Strait Oil Co. Ltd. (ASX: BAS) has received formal notice canceling Petroleum Exploration Permit Vic/P66 in the Gippsland basin.
Bass Strait Oil Co. Ltd. (ASX: BAS) has received formal notice canceling Petroleum Exploration Permit Vic/P66 in the Gippsland basin.

Offshore staff

MELBOURNE, AustraliaBass Strait Oil Co. Ltd. (ASX: BAS) has received formal notice canceling Petroleum Exploration Permit Vic/P66 in the Gippsland basin, with the process formally approved by the National Offshore Petroleum Titles Administrator (NOPTA) on March 18.

Joint venture partners in Vic/P66 are operator BAS, 60%;Strategic Energy Resources Ltd., 23%; and Oil Basins Ltd., 17%.

In 2Q 2013, the Vic/P66 joint venture partners applied to surrender the permit. Any future exploration in the permit was deemed unlikely to create value due to the deepwater leads identified having significantly increased exploration costs and high geological risk.

Exploration permit Vic/P66 is located to the southeast of Vic/P41 in the east of the offshore Gippsland basin, approximately 60 km (37 mi) south of the Victorian coast.

03/25/2014

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