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BASS STRAIT OIL COMPANY LIMITED

ASX: BAS

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Bass Strait Oil Company Ltd (ASX code: BAS) is a specialist oil explorer focused exclusively on southeast Australia. This region offers access to prospects of material scale in world-class basins, a database of modern 3D seismic data, established infrastructure and developing markets. Plus the benefits of Australia's stable and low-cost jurisdiction.

Over a ten year period, the highly experienced BAS team has assembled a quality exploration portfolio across the Gippsland, Bass and Otway Basins. All of these basins are proven petroleum producers and the Company's permit interests provide shareholders with strong leverage to high-impact discovery potential.

GIPPSLAND BASIN - Vic/P41, BAS 45% and Operator

Located in the eastern Gippsland Basin, Vic/P41 lies some 40 km off the coast and comprises approximately 1,079 sq km. All of the mapped prospects are in water depths suitable for conventional semi-submersible drilling rigs, although water depths exceed 1000 metres in the far south of the permit.

Prospect mapping and assessment based on the Company's 2005 3D seismic survey has defined a number of large prospects in Vic/P41. Several of these prospects exhibit Amplitude vs. Offset seismic anomalies and, significantly, similar anomalies have also been identified over the Kipper oil and gas field which is on-trend to the west, outside the BAS permit area. Development plans for the Kipper field have been announced with first production targeted for 2012.

Further to the south are the Oscar prospects, which are interpreted as on trend with, and analogous to, the producing Basker / Manta / Gummy (BMG) fields, which lie to the west of the BAS permit area. BMG commenced production in December 2006.

The joint venture is seeking farmin parties to earn an interest in Vic/P41 by funding the drilling of its 3D seismic defined prospects. Timing of potential drilling is dependent on the availability of a semi-submersible drilling rig in the Gippsland Basin and on the progress of farmout discussions.

GIPPSLAND BASIN - Vic/P47, BAS 40% and Operator

The Vic/P47 exploration permit contains the Judith and Moby gas discoveries. The Judith gas resource was certified by Gaffney Cline & Associates in 2008 (see details below) and both Judith and Moby are in close proximity to existing or planned infrastructure in adjacent licences.

The permit is located in the offshore Gippsland Basin, approximately 10 km from the coast and south of the Victorian town of Orbost, with water depths ranging up to 80 metres. The permit was renewed for a new 5 year term in November 2009. VicP47 Sep09 webThe renewed permit area is approximately 200 sq km, comprising 3 graticular blocks which include the Judith and Moby Gas Fields. This area contains approximately 160 sq km of existing 3D seismic data and a commitment to reprocess this data is included in the terms of renewal for Vic/P47.

GIPPSLAND BASIN - Vic/P66, BAS 60% and Operator

The Vic/P66 permit was awarded in December 2008 and covers an area of 2160 square kilometres. It is approximately 50 kilometres from the southeastern coast of Victoria in the eastern Gippsland Basin. Water depths in the area range from 200 metres to over 2000 metres.

The eastern Gippsland Basin has not been targeted for significant exploration in the past. Distance from established fields and infrastructure together with increasing water depths are two factors that likely limited earlier exploration. As evidenced in many areas around the world today, however, the demand for energy and modern oilfield technology are combining to bring exploration in such areas into the industry mainstream.

The Vic/P66 Joint Venture believes that this permit provides early-stage exploration exposure to the potential for extensions of proven Gippsland Basin plays and also for the development of new play concepts. Given the relative lack of modern seismic data and recent exploration studies in the area, the planned Vic/P66 exploration programme consists of data collection and studies in the first two years, in preparation for 2D seismic acquisition in the third permit year.

Acquiring this permit complements and extends Bass Strait Oil Company's strategic focus on the southeast Australia region. As Vic/P66 operator, BAS plans to add value to this permit by leveraging the Company's accumulated experience in the region and, in particular, to seek synergies with the adjacent Vic/P41 permit. The participants in the Vic/P66 Joint Venture have interests in Vic/P41, where similar geological concepts are being pursued.

BASS BASIN - T/42P and T/43P, BAS 100% and Operator

These permits are located off the north coast of Tasmania, in an area of the Bass Basin known as the Durroon Sub-basin. The Durroon Sub-basin extends north from approximately 15 km off the north coast of Tasmania, in water depths ranging from 35 to 80 metres. The T/42P and T/43P permits cover approximately 6120 sq km and have been little explored in the past. BAS mapping has defined a number of prospects, each with the scope to contain several hundred million barrels of recoverable oil. Basin modelling indicates that the area has the potential to have generated large quantities of oil and gas.

OTWAY BASIN - onshore

BAS's onshore Otway Basin exploration projects complement the Company's offshore holdings in the Gippsland and Bass Basins. The area has good road access and infrastructure, which could allow rapid and cost effective commercialisation of any oil discoveries. The extensive gas pipeline network in the Victorian Otway Basin also enhances the potential to commercialise any gas discoveries.

Mine For

oil, gas

Location of operation(s)

Tasmania, Victoria

Australian Basins

Gippsland, Bass, Otway

Address

Level 1, 99 William St
MELBOURNE, VIC, AUSTRALIA

Phone

(61 3) 9927 3000

Email

Website


Last Updated

18/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.