ProjectsThe BAS exploration permit portfolio of approximately 14,000 sq km is a balanced grouping of ready-to-drill projects and longer term opportunities.
The Company believes that this acreage position provides high-impact discovery potential.  In the Gippsland Basin, our continuing investment in seismic data acquisition and interpretation has yielded a suite of large, ready-to-drill prospects, including both appraisal and exploration targets. In its Vic/P41 and Vic/P47 Gippsland Basin permits, BAS and its joint venturers are seeking farmin partners to fund possible drilling of targets defined on 3D seismic. Vic/P42 and Vic/P47 were renewed for new terms in late 2009. Vic/P66 is an under-explored area to the east of Vic/P41 where further 2D seismic data may define extensions of existing trends. BAS is also progressing its interests in the Bass and Otway Basins. In our Bass Basin permits, new 2D seismic recorded in 2008 and new basin modelling studies have highlighted the potential of these areas. And 3D seismic acquisition over the existing Windermere-1 oil discovery in our PEP167 onshore Otway permit was completed in early 2010. The Company's consistent technical focus on the region, its operational experience over several years and its investment in 3D seismic, ensure that BAS is well placed to benefit from the potential in its own 'backyard'.
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