Bass Strait gives up on Vic/P66 (Australia)

Bass Strait Oil Company Ltd has received formal notice cancelling Petroleum Exploration Permit Vic/P66 in the Gippsland Basin, with the process formally approved by the National Offshore Petroleum Titles Administrator (“NOPTA”) on 18 March 2014.

Bass Strait Oil Company Limited holds 60% interest and is the operator of Vic/P66, while the partners are Strategic Energy Resources Limited with 23% and Oil Basins Limited with 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 deep-water leads identified having significantly increased exploration costs and high geological risk.

Exploration permit Vic/P66 (2,160 km2) is located to the southeast of Vic/P41 in the east of the offshore Gippsland Basin approximately 60 kilometres south of the Victorian coast.

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Press Release, March 24, 2014