Bass Strait Oil Company referred to the Sept. 20, 2013 announcement regarding the execution of a Collaboration Agreement with HIREX Petroleum Sdn Bhd. (HIREX) to reassess prospectivity of Vic/P42 permit in the Gippsland Basin, Australia with new technology. BAS entered the agreement with HIREX with the intention to identify significant hydrocarbon accumulations.
During the review, no significant drillable prospects were identified resulting in HIREX not proceeding to farmin to Vic/P42.
In parallel, the Company has been undertaking a review of its business strategy and forward work commitments.