ProjectsThe BAS exploration permit portfolio of almost 14,000 sq km is a balanced grouping of ready-to-drill projects and longer term opportunities.
The Company believes that this acreageposition provides high-impact discovery potential.Of immediate interest are two offshore 2D seismic surveys in the Bass and Gippsland Basins. BAS will record these surveys during May and June 2008 to investigate the potential of under-explored parts of the
Company's permit holdings.In the Gippsland Basin, our existing investment in 3D seismic data 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 is seeking farmin partners to fund possible drilling in 2009 or 2010, as part of a new round of southeast Australian offshore drilling, now being undertaken by the exploration industry.
BAS is also progressing its interests in the Bass and Otway Basins, with the mapping of significant structural leads in the Bass permits and the evaluation of appraisal strategies for the existing Windermere-1 oil discovery in our PEP167 onshore Otway permit. Unprecedented in recent years, three offshore rigs are scheduled to drill for a number of operators in the southeast Australian region during 2008 - 2010. BAS anticipates that this activity will re-focus attention on the discovery potential of the Company's portfolio and of the area generally.
In a further commitment to our regional exploration focus, BAS has made application for new permit acreage under the current round of bidding.
The Company's consistent technical focus on the area, its operational experience over several years and its investment in 3D seismic, ensure that BAS is well placed to benefit from the forthcoming activity in its own 'backyard'. |
