Oz energy firm Bass Strait Oil has received approval for suspension of the work program commitment and subsequent extension of the Gippsland basin permit Vic/P68, offshore Australia.
Bass said on Wednesday that the suspension of the Permit Year 3 Work program commitment for Vic/P68 was approved by the National Offshore Petroleum Titles Administrator (NOPTA).
The company added that the Year 3 work commitment requires the acquisition of 225 square kilometers of 3D seismic, which is now due on November 3, 2017, with the permit expiration extended to May 3, 2020.
The Australian company previously gained a 12 month suspension and extension of the work program for this offshore permit in October last year setting the work program expiration date for November 3, 2016.
Bass is the operator and a 100 percent owner in the 1,074 square kilometer Vic/P68 permit located in the north-eastern Gippsland basin, approximately 20 kilometers south of the Victorian Coast.
This permit includes the Rosedale Fault system that sets up prospects analogous to the Longtom / Judith Gas fields and, further south, a second fault system trend extension analogous to the Basker /Mantra /Gummy oil and gas fields.
Additionally, this permit contains the Leatherjacket oil discovery in shallow water, nearshore the Gippsland Basin.
Bass said that the company’s recently acquired Indonesian production assets remain its core strategic focus.
Namely, the company bought a 55 percent stake in the Tangai Sukananti project in the South Sumatra, Indonesia, from its stakeholder Cooper Energy back in October. Under the terms of the agreement, Cooper received a cash and shares combination worth A$5.7 million ($4.3M) in total which saw Cooper increase its interest in Bass from 13.5% to 24.09%.
The Oz company said that it would continue to review future options for its Vic/P68 permit, which may include monetizing the asset or seeking a JV partner to assist with future work commitments.