Bass Strait Oil Company Limited reported Friday that it has received approval for a work program variation from the National Offshore Petroleum Titles Administrator (NOPTA) with regard to its operated Vic/P41 permit, located in the prolific Gippsland Basin, Australia. The work program has been varied to delay the required drilling of an exploration well by one year to Nov. 28, 2017.
Work Program Variation – Vic/P41
The previous work program had required the drilling of one exploration well by Nov. 28, 2016. However, following approval from NOPTA, the varied work program for Vic/P41 now requires one exploration well to be drilled in Year 5 (by Nov. 28, 2017). This grants the Company additional time to perform the technical work required to mature the prospect before anticipated drilling and reduces Bass Strait Oil’s near-term funding obligations.
Identifying Drilling Prospects – Emperor Formation
As announced Oct. 28, the Bass Strait Oil technical review evaluated the gas play in the Emperor Formation in Vic/P68 and Vic/P41 for the first time and concluded that exciting new exploration opportunities exist. Bass Strait Oil notes that identified targets are similar in characteristic and on trend with the nearby Longtom Gas Field. In a best estimate scenario, the gross unrisked (P50) Prospective Resource contained in the 5 largest leads total over 1.75 trillion cubic feet of gas. The focus of the Bass Strait Oil technical team will now turn to identifying and evaluating the most appropriate drilling prospects in the Emperor Formation.
Bass Strait Oil Executive Director, Tino Guglielmo, said today “We are pleased that NOPTA has approved our application as this will not only provide us additional time to mature the prospects before drilling, but also reduce the Company's near term funding obligations.”
“We are confident that the new leads identified in the Bass Strait Oil technical review will enhance the value of the Company’s Gippsland Basin portfolio and attract interest from potential farminees wanting low risk and lower cost opportunities with direct access to the east coast gas market,” he added.
Bass Strait Oil Gippsland Basin Permits
Equity interests in the Bass Strait Oil operated permits are as follows:
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