Bass Strait Oil Company Ltd., an petroleum explorer focused on southeast Australia, revealed Monday that as part of its strategic review in February, the company advised that it has received an initial assessment of the Company's Gippsland Basin asset base. This technical review involved the engagement of technical personnel as well as the Company's internal technical team.
The Bass technical team have been mapping the data and already identified new oil and gas opportunities similar to and on trend with the Longtom, Basker/Manta/Gummy and Kipper fields. Furthermore, Bass has identified a number of follow up targets on trend with Bass' wholly owned Leatherjacket oil discovery contained in Vic/P68 permit. Leatherjacket was drilled by Esso in 1986 and discovered an oil column of over 82 feet (25 meters) in the highly prospective upper LaTrobe group.
The Company also wishes to advise that it had sought and has received approval from the National Offshore Petroleum Titles Authority (NOPTA) for a 6 month suspension of the work program for both its Gippsland basin permits, Vic/P41 and Vic/P68.
Bass had sought the variation of the work program for both permits to allow further time to integrate and map the reprocessed 3D seismic data and Quantitative Interpretation (QI) data analysis from the NOMB seismic survey.
Bass Starit Company Executive Director, Tino Guglielmo, said, "I am pleased with the progress the Bass team has made in identifying additional oil and gas exploration targets to date. The extension of the work programs provides the opportunity to mature these targets to prospects and leads."
Equity interests in the permits are as follows:
Vic/P41 Joint Venture
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