Bass Strait Oil Co. (BAS), which, on Sept. 20, 2013, executed a collaboration agreement with HIREX Petroleum Sdn Bhd to reassess prospectivity of the Vic/P42 permit in the Gippsland Basin, Australia, with new technology. BAS entered the agreement with HIREX with the intention of identifying significant hydrocarbon accumulations.
During the review, no significant drillable prospects were identified, resulting in HIREX not proceeding to farm-in to Vic/P42. In parallel, BAS has been undertaking a review of its business strategy and forward work commitments.
Consequently, BAS has agreed to cancel Petroleum Exploration Permit Vic/P42 in the Gippsland Basin. The cancellation process has now been formally approved by the National Offshore Petroleum Titles Administrator (NOPTA).
Despite this outcome, BAS says it remains committed to exploration in the Gippsland and Otway basins.