Bass Strait Oil Company Ltd 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. The Collaboration Agreement outlines the agreed forward principles for BAS and HIREX to apply to opportunities.
VIC/P42 (BAS: 100%)
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.