Vic/P68

GIPPSLAND BASIN - offshore

Vic/P68, BAS 100% and Operator

The Vic/P68 exploration permit (1074 km²) lies to the east of Vic/47, in the northeast part of the Gippsland Basin. It covers parts of the Central Deep, Northern Terrace and Northern Platform, with water depths increasing from 50 to 150m towards the southeast.

The permit contains two primary play trends, the Rosedale Fault Trend and the Lake Wellington Fault Trend. The Rosedale Fault Trend has been a key focus of activity for BAS over the last few years and we have established a portfolio of four permits covering some 3972 km² focused on the trend.

Previous operators working this area of the Northern Platform have identified a trend of structures associated with movement on the Lake Wellington Fault. Leatherjacket-1 intersected two oil columns (25m and 8m thick) within the upper Latrobe Group reservoirs. Five similar structural leads have been interpreted by BAS in the northern part of the permit.

The Company intends to undertake a 3D seismic survey over the Lake Wellington Fault Trend leads and Philbrick/Hugo on the Rosedale Fault Trend in 2014, dependent on acquisition vessel availability.