Bass Strait Oil granted delayed drilling program variation

Offshore staff

MELBOURNE, Australia Australia’s National Offshore Petroleum Titles Administrator (NOPTA) has approved Bass Strait Oil Co. for a work program variation to its operated Vic/P41 permit. Vic/P41 is in the Gippsland basin, located offshore Australia about 200 km (124 mi) east of Melbourne.

The work program has been varied to delay the required drilling of an exploration well by one year to Nov. 28, 2017.

Work program variation

The previous work program had required the drilling of one exploration well by Nov. 28, 2016. However, following approval from NOPTA, the varied work program for Vic/P41 now requires one exploration well to be drilled by November 2017. Bass Strait Oil said the delay granted the company time to perform the technical work required to mature the prospect before anticipated drilling and reduces BAS’ near-term funding obligations.

Emperor formation prospects

As announced earlier this month, the Bass Strait Oil’s technical review evaluated the gas play in the Emperor formation in Vic/P68 and Vic/P41 for the first time and concluded that new exploration opportunities exist. BAS notes that identified targets are similar in characteristic and on trend with the nearby Longtom gas field.

In a best estimate scenario, the gross unrisked (P50) prospective resource contained in the five largest leads total more than 1.75 tcf of gas. The focus of the technical team will now turn to identifying and evaluating the most appropriate drilling prospects in the Emperor formation.

Equity interests in the Bass Strait Oil operated permits are as follows: Vic/P68: Bass Strait Oil Co. 100%. Vic/P41: Bass Strait Oil Co. 64.565% (operator); Oil Basins Ltd. 17.935%; Shelf Oil Pty Ltd. 17.5%.

10/30/2015



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