Bass Strait Oil Company Ltd says that exploration permit PEP 167 in the Otway Basin has been renewed effective from 1 March, 2013. The renewal is for a 5 year period and the Company has a 100% interest. BAS considers the permit is prospective for the Waare conventional gas play and the Casterton oil shale play.

BAS now has a large acreage holding over the central Victorian sector of the onshore Otway Basin. This provides a balanced portfolio of opportunities which consist of both conventional and unconventional prospects and leads.

The permits are well positioned to benefit from the changing conditions of the Eastern Australia gas market. They straddle the main gas pipelines which deliver gas to markets in both South Australia and Victoria. Due to the interconnectivity of the gas pipeline network in eastern Australia any gas discovery can be quickly commercialized.

Tags: Bass Strait Oil Company