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 gives up on VicP66 (Australia)

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.

[mappress]

Press Release, March 24, 2014

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