Vic/P42GIPPSLAND BASIN - offshore Vic/P42, BAS 100% and opertor - renewal pending
 BAS has accepted an offer of a 100% interest in a new 5 year term for the Vic/P42 permit from the Joint Authority and anticipates that formal grant of the permit will follow in late 2009.The renewal area is shown in the accompanying prospects and leads map. It 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 will initially focus 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 renewal for Vic/P42 will 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 return to 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. |