The BAS exploration permit portfolio targets both conventional oil and gas and unconventional gas plays. It contains a balance of offshore and onshore activity with near term appraisal opportunities and longer term exploration opportunities.
The Company believes that this acreage position provides high-impact discovery potential.
In the Gippsland Basin, our portfolio is focussed on the Rosedale Fault Trend on the northern margin of the basin. BAS operates four permits (Vic/P41, Vic/P47, Vic/P66 and Vic/P68) along the trend and these contain both appraisal and exploration targets. These are generally within subsea completion tie back distances to existing developments. BAS also operates the Vic/P42 permit adjacent to the Kingfish and Bream oil and gas fields. The portfolio is covered by extensive 3D seismic datasets.
BAS is currently seeking to rationalise the portfolio to focus on the high value targets. In this regard, farmout opportunities are available and discussions with interested parties are ongoing.
In the Otway Basin, our portfolio comprises of three eastern onshore permits, PEP 150, PEP 167 and PEP 175. The portfolio targets both the conventional Waarre gas play and the unconventional Casterton shale gas play. These permits are at an early stage of exploration after recent resolution of Native Title issues and subsequent permit award.
The Company's consistent technical focus on the region and the proximity of the portfolio to infrastructure and market ensures that BAS is well placed to benefit from the changing dynamics of the Eastern Australia gas market.