Onshore Gippsland Basin
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Bass Strait Oil Company reports that the Western Trident seismic vessel has completed its mobilization from Singapore and is now on location in Gippsland Basin permit VIC/P42. The vessel is currently deploying its state-of-the-art solid streamer recording equipment. It is expected that data acquisition for the Marie 3D seismic survey will commence late this week and will take between 2 and 3 weeks to complete, depending on weather conditions.
Bass Strait will be fully funded through the 503 sq. km. Marie survey in the first phase of a farmin by Apache Northwest Pty Ltd. Apache will operate the survey which has been budgeted at up to $20 million.
The second phase of the VIC/P42 farmin requires Apache to fully fund the drilling of an exploration well in order to complete its obligations and thereby earn a 50% interest and operatorship in the permit. Bass and Inpex would each retain a 20% interest.
Subject to successfully prospect mapping incorporating the Marie survey data, Apache is planning to drill a VIC/P42 exploration well as part of its Gippsland Basin drilling program starting in early 2008.
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