Vic/P42GIPPSLAND BASIN - offshore Vic/P42, BAS 100% and operator
 The Vic/P42 permit comprises approximately 930 square kilometres and is almost entirely covered by modern 3D seismic surveys.
Vic/P42 is located adjacent to Kingfish, Australia’s largest oil field, as well as to Bream and other producing Esso/BHP oil and gas fields. Existing non-producing gas and condensate discoveries within Vic/P42 at ZaneGrey and Omeo further underline the prospectivity of the area.
BAS is focussing on re-evaluating known 3D-defined prospects such as Tarra Southeast, which was mapped as a low risk prospect by the previous operator. It is also planned to re-assess the full inventory of identified prospects and leads as well as investigate new plays in the permit.
While BAS will have the option to accelerate its exploration programme, the terms of the September 2009 renewal for Vic/P42 commit BAS only to a modest 3 year work programme, culminating with the reprocessing of existing 3D seismic data in the third year.
BAS considers that its 100% interest and operatorship of Vic/P42 is an excellent opportunity with the potential to provide the Company with high-impact drilling targets in a prolific area. |