BSO Receives Formal Notice Cancelling Permit Vic/P66 in Gippsland Basin

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

Joint Venture partners in Vic/P66:

  • Bass Strait Oil Company Limited: 60 percent and operator
  • Strategic Energy Resources Limited: 23 percent
  • Oil Basins Limited: 17 percent

In 2Q 2013 the Vic/P66 joint venture partners applied to surrrender the permit. Any future exploration in the permit was deemed unlikely to create value due to the deepwater leads identified having significantly increased exploration costs and high geological risk.

Exploration permit Vic/P66 (834 square miles or 2,160 square kilometers) is located to the southeast of Vic/P41 in the east of the offshore Gippsland Basin approximately 37 miles (60 kilometers) south of the Victorian coast.

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