Vic/P41

 

Located in the eastern Gippsland Basin, Vic/P41 was renewed for a five year term commencing on 20 September 2006. The permit 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 2009.

 

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 oil production in December 2006.

 

Vic/P41 work programme commitments call for a 250 km 2D seismic survey in Year 3, i.e. by September 2009. The joint venture has agreed to accelerate the acquisition of this 2D seismic data, to better define the eastern area of the permit where several leads are defined only on sparse existing data.  

 

This survey will be recorded by the Pacific Titan seismic acquisition vessel in late May or June 2008.

 

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 - not likely before 2009 /2010 - and on the progress of farmout negotiations.