BSO Gets Extension for Permit Vic/P41 Work Program in Gippsland Basin

Bass Strait Oil Company Ltd (BAS or the Company) disclosed Thursday that the Commonwealth-Western Australia Offshore Petroleum Joint Authority (Joint Authority) has granted a six month suspension and extension to the Vic/P41 Permit Year 3 work program in the Gippsland Basin, offshore Australia.

The Company is also pleased to provide an update on the Vic/P41 and Vic/P68 ongoing activities.


  • Granting of the extension allows the Company to fully evaluate Vic/P41 and to finalize drill ready prospect(s)
  • 3D reprocessed seismic interpretation nearing completion with positive outcomes for the prospectivity in Vic/P41 and Vic/P68
  • New mapping confirms existing prospects and firms up the Kipling West prospect straddling Vic/P41 and Vic/P68
  • Early discussions with potential international partners
  • Formal farm-out activities including opening of the dataroom can now commence in the short term
  • Six month extension in Vic/P41 aligns the required work program with the expected timetable for the Basker Manta Gummy development

VIC/P41 Extension

The Company on behalf of the Vic/P41 Joint Venture applied to suspend and extend Petroleum Exploration Permit Vic/P41 under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in late July 2014. The Joint Authority has formally advised the Company that it has granted a six month extension to permit year 3 work program and a corresponding six month extension to the permit term.

The revised Vic/P41 Permit minimum work program is shown in Table 1 below.

  • Year of Term of Permit 1
    • Permit Year Starts: Nov. 29, 2011
    • Permit Year Ends: Nov. 28, 2012
    • Minimum Work Requirements: Geotechnical Studies (completed)
    • Estimated Expenditure: $131,700 (AUD 150,000)
  • Year of Term of Permit 2
    • Permit Year Starts: Nov. 29, 2012
    • Permit Year Ends: Nov. 28, 2013
    • Minimum Work Requirements: 166 square miles (430 square kilometers) 3D seismic Reprocessing (complete), Quantative Interpretation (complete), Other
    • Estimated Expenditure: $702,480 (AUD 800,000)
  • Year of Term of Permit 3
    • Permit Year Starts: Nov. 29, 2013
    • Permit Year Ends: May 28, 2015
    • Minimum Work Requirements: Geological and Geophysical Studies
    • Estimated Expenditure: $175,600 (AUD 200,000)
  • Year of Term of Permit 4
    • Permit Year Starts: May 29, 2015
    • Permit Year Ends: May 28, 2016
    • Minimum Work Requirements: 1 Exploration Well
    • Estimated Expenditure: $26,340,000 (AUD 30,000,000)
  • Year of Term of Permit 5
    • Permit Year Starts: May 29, 2016
    • Permit Year Ends: May 28, 2017
    • Minimum Work Requirements: Geotechnical Studies
    • Estimated Expenditure: $131,700 (AUD 150,000)

The granting of the six month extension is significant as it not only demonstrates the support for the Joint Venture activities in Vic/P41 by the Joint Authority but also affords the required time to complete the activities necessary to enter into the Year 4 exploration well period thereby enhancing the value of permit to prospective farminees.

Joint Venture partners in Vic/P41 are:

  • Bass Strait Oil Company Limited - 64.565 percent
  • Oil Basins Limited - 17.935 percent
  • Shelf Oil Pty Ltd (OBL’s 100 percent owned subsidiary) - 17.5 percent

VIC/P41 and Vic/P68 Update

The exploration permit Vic/P41 (circa 208 square miles or 539 square kilometers) is located in the offshore Gippsland Basin, approximately 25 miles (40 kilometers) south of the Victorian coast.


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