Vic/P41

Located in the eastern Gippsland Basin, Vic/P41 lies some 40 km off the coast and comprises approximately 540 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 and simultaneous seismic inversion anomalies and, significantly, similar anomalies have also been identified over the Kipper Field which is on-trend to the west, outside the BAS permit area.  The Kipper field is being developed with first production targeted for 2012.

 

 

Further to the south are the Oscar prospects, which are interpreted as on trend with, and analogous to, the Basker / Manta / Gummy (BMG) fields, which lie to the west of the BAS permit area.  BMG commenced production in December 2006.

 

 

The joint venture is seeking farmin parties to earn an interest in Vic/P41 by funding the forward exploration program. Timing of potential seismic acquisition and drilling is dependent on the availability of a seismic vessel and a semi-submersible drilling rig in the Gippsland Basin  and on the progress of farmout discussions.