A pair of Australian oil and gas exploration companies are looking to abandon their joint interest in a license located in the Gippsland Basin, offshore Australia.
On Monday, Bass Strait Oil Company Limited informed it made plans, together with Oil Basins Limited, to apply to the National Offshore Petroleum Titles Authority (NOPTA) for the surrender of their joint interest in Vic/P41.
The permit is located in the eastern Gippsland Basin, approximately 40 kilometers south of the Victorian coast. The permit covers an area of some 1,079 square kilometers, in water depths of 120-1500m. Vic/P41 contains a number of prospects, notably Kipling, Benchley, and Oscar,
The duo has agreed that the forward work program is uneconomical and it is in all parties’ interest to surrender the title.
Once the final report is lodged with NOPTA and the filing fee paid, Bass Strait Oil will have no further interest in or costs in relation to Vic/P41.
The company explained it is currently seeking to extract maximum value from its remaining Gippsland Basin assets whilst actively pursuing new project opportunities.