Australia: Bass Strait Oil Company Announces Forward Exploration Program

Bass Strait Oil Company Ltd, a specialist petroleum explorer focused exclusively on southeast Australia, announced recently its forward exploration program fot its assets in the offshore Gippsland Basin and the offshore Bass Basin

Gippsland Basin

The company holds interests in four offshore permits in the Gippsland Basin. Vic/P41, Vic/P47 and Vic/P66 form the focus of the Golden Beach and Emperor plays on the Northern Terrace of the basin. Bass has 2 discoveries in these permits;  the Judith and Moby gas fields. In addition the Zane Grey and Omeo gas/condensate fields are held in Vic/P42. The company is focussed on commercialising the largest of these discoveries, the Judith Field, which has certified contingent resources of 194 BCF (2C) and 934 BCF (3C). To this end the company is in negotiations with several exploration companies as to the appraisal and development of this field and the associated prospective resources nearby. Recent simultaneous (AVO) inversion of the Oscar, Moby and part of the Northern Fields 3D seismic surveys has highgraded several prospects in this area as well as more clearly defining the extent of the Moby and Judith fields. Vic/P41 has just been renewed for a  further 5 year term and Vic/P66 received authority, last week, to suspend permit obligations for 1 year in order to allow the acquisition of a 3D seismic survey over Lead A jointly with the Vic/P41 Joint Venture.

This survey will likely occur towards the end of 2012.

Bass Basin

Two permits, T/42P and T/43P, are held covering the frontier Durroon Basin. The company has acquired 2D seismic data and undertook a major basin analysis of the area during the first permit term. This resulted in defining 12 prospects and leads with upside prospective resource estimates in the order of 500 to 1,000 BCF. Negotiations to renew these permits for a further 5 years are currently on-going with the Designated Authority.

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Offshore Energy Today Staff, December 26, 2011; Image: Bass Strait Oil Company Ltd.