Vic/P66GIPPSLAND BASIN - offshore
Vic/P66, BAS 60% and Operator
The Vic/P66 permit was awarded in December 2008 and covers an area of 2160 square kilometres. It is approximately 50 kilometres from the southeastern coast of Victoria in the eastern Gippsland Basin. Water depths in the area range from 200 metres to over 2000 metres.
 The eastern Gippsland Basin has not been targeted for significant exploration in the past. Distance from established fields and infrastructure together with increasing water depths are two factors that likely limited earlier exploration. As evidenced in many areas around the world today, however, the demand for energy and modern oilfield technology are combining to bring exploration in such areas into the industry mainstream.
The Vic/P66 Joint Venture believes that this permit provides early-stage exploration exposure to the potential for extensions of proven Gippsland Basin plays and also for the development of new play concepts. Given the relative lack of modern seismic data and recent exploration studies in the area, the planned Vic/P66 exploration programme consists of data collection and studies in the first two years, in preparation for 2D seismic acquisition in the third permit year.
Acquiring this permit complements and extends Bass Strait Oil Company's strategic focus on the southeast Australia region. As Vic/P66 operator, BAS plans to add value to this permit by leveraging the Company's accumulated experience in the region and, in particular, to seek synergies with the adjacent Vic/P41 permit. The participants in the Vic/P66 Joint Venture have interests in Vic/P41, where similar geological concepts are being pursued.
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