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.
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.
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:
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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