Project Profile
Location: 40 kilometres offshore, Gippsland Basin, Australia
Area: 933 km2
Water Depth: Range from 50 to 80 metres
The Vic/P42 permit (933 km2) is located approximately 40 kilometres offshore and contains moderate water depths from 50 to 80 metres. The permit is located adjacent to Kingfish, Australia’s largest oil field, as well as the Bream, Tarwhine and Dolphin producing fields. The permit is almost entirely covered by modern 3D seismic surveys. To date 11 wells have been drilled in the area. These have resulted in non-producing discoveries at the Zane Grey and Omeo prospects. BAS is currently completing a re-assessment of identified prospects and leads in the permit as well as investigating new play concepts. This may provide the company with new drilling targets in a very prospective area of the basin.
Bass Strait Oil Company Ltd (BAS) has entered into a Collaboration Agreement with HIREX Petroleum Sdn Bhd. (HIREX). HIREX has access to proprietary evaluation technology that it will use as a means of determining whether HIREX will participate in specific BAS exploration opportunities in the Gippsland Basin, Australia. The Collaboration Agreement outlines the agreed forward principles for BAS and HIREX to apply to opportunities. The evaluation technology will initially be applied to an assessment of the Vic/P42 permit. Subject to government approval of a work program variation request, HIREX and BAS will work together over the next 3 months to reassess the prospectivity of the permit by integrating the new technology with conventional geological and geophysical data. HIREX may then commit to acquiring a 51% participating interest in the permit and the joint venture may commit to drilling an exploration well in the 2014/2015 period.
Operators:
Bass Strait Oil Company Ltd (BAS): Operator with 100% interest
Contractors:
HIREX Petroleum Sdn Bhd (joint venture between Orient Hibiscus Sdn Bhd and Rex South East Asia Ltd.): Evaluation technology contractor for the permit (and potential shareholder)