Bass Strait Hires Western Geco for Gippsland Basin Survey

Bass Strait Oil Company

Bass Strait Oil Company has awarded a 500 square kilometer 3D seismic acquisition contract for its Vic/P42 offshore Gippsland Basin permit.

The contract has been awarded to Western Geco and operations are scheduled for December 2006 using the vessel Western Trident, which is fitted with state-of-the-art solid streamer recording technology.

Bass Strait will be fully funded through this estimated $20 million survey, as the first phase of a Vic/P42 farmin by Apache Northwest Pty ltd. Apache has agreed to fund the recording and processing of the 3D seismic, plus the drilling of one exploration well, in order to earn a 60% interest and operatorship in the permit. Ass will retain a 20% interest in Vic/P42.

The survey will be the first 3D survey in the western and northwestern areas of the Vic/P42 permit and is designed to complete continuous coverage between Bass Strait's 2002 3D survey in the east of the permit and Apache's 2005 3D survey in permit Vic/P58 adjacent to the west.

A number of leads have been identified on older 2D seismic in the new 3D survey area, including leads analogous to the nearby Dolphin and Perch producing oil fields. The new 3D survey will also cover the 1983 Omeo gas and condensate discovery.