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.
View Full Article
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles