Eagle Bay Looking for Partner for Permit V06-4 Offshore Victoria

Eagle Bay Resources has been offered exploration permit V06-4 by the Victorian Department of Primary Industries. The block lies approximately 80 kilometers southeast of the Giant Esso-BHP Kingfish Oil Field, and contains the Blue Whale Lead, a lead defined by magnetics and seismic as roughly the same aerial size as Kingfish at the sub Latrobe, Paleozoic level which has not been previously drilled in the basin. The presence of oil or otherwise in Blue Whale can only be determined by drilling.

It is as a result of Eagle Bay Resources exceeding its 6 year work obligations in the 100% owned (at grant) Gippsland Basin Oil permits VIC P41 and VIC P47 that we have been offered this prime deepwater frontier exploration block which hold significant leads including Blue Whale. Most of the world's shallow water basins have been exhaustively explored for oil and it is the new deepwater frontier which offers the greatest prospect of major new oil discoveries.

Eagle Bay Resources will offer operatorship of the permit for a 400 square kilometer 3D seismic survey to any party with substantial deepwater drilling experience, subject to all governmental approvals.

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