BSO Completes Sale of Otway Basin Permits PEP 167, 175, Re-engages CEO
Bass Strait Oil (BAS or the Company) announced Monday the completion of the sale of Otway Basin permits PEP 167 and PEP 175 in Australia and the re-engagement of the Company's CEO.
PEP 167 and 175 Sale Completion
On July 11, the Company announced the sale of its equity in onshore exploration permits PEP 167 and PEP 175 subject to regulatory approval. Regulatory approval has now been received and Lakes Oil NL has paid the remaining funds to Bass Strait Oil.
During the year the Company has conducted a review of its business with the objective to identify its core assets and position itself to progress activities in these assets. An outcome of the review was a decision that these permits, which are located in the onshore Otway Basin in Victoria, were non-core to the Company's future. The Company remains committed to onshore exploration in the western portion of the Otway basin via its equity in PEP 150 (BAS 15 percent).
The Company is pleased to announce the re-engagement of Steven Noske as its permanent CEO.
In March the Company sought to alter the employment arrangements of the CEO whilst the Company progressed a review of its future strategic direction and continued with its technical evaluation activities in its core Gippsland basin permits Vic/P41 and Vic/P68. These activities have largely been completed and it is appropriate that the Company move into a delivery and growth phase.
Noske has continued to work closely with the Board during this period to ensure that:
- the core assets are agreed
- the forward business strategy is recognized
- focus is placed on the immediate imperatives and,
- plans are in place to return the Company to growth
Over the year, the Board has appreciated the commitment and input of Noske and is confident that a return to growth can be achieved.
The Company expects to provide a further update on business activities in the short term.
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