Project Profile
Location: Offshore Gippsland Basin
Water depths: 80 - 250 m
Relinquishment date: 13th January 2017
The Vic/P41 exploration permit is located in the offshore Gippsland Basin, 40 km from the coast and southeast of the Victorian town of Orbost, with water depths ranging from 80 to 250 metres.
With the increasing focus on eastern states gas market, the area is certainly worth perusing as it is primarily a gas play area. In July 2013, Cooper Energy acquired a 25.8% stake in the permit from Bass Strait.
Bass Strait Oil Company and Oil Basins submitted an application to the National Offshore Petroleum Titles Authority for the surrender of their joint interest in Vic/P41. The reason for the relinquishment is uneconomical forward work program.
Operators:
Bass Strait Oil Company Limited: Operator with 64.565% interest
Oil Basins Limited: 17.935% interest
Shelf Oil Pty Ltd.: 17.5% interest