Bass Strait Oil Company Limited has received approval for a work program variation from the National Offshore Petroleum Titles Administrator (NOPTA) with regard to its operated Vic/P41 permit, located in the prolific Gippsland Basin, Australia. The work program has been varied to delay the required drilling of an exploration well by one year to Nov. 28, 2017.
The previous work program had required the drilling of one exploration well by Nov. 28, 2016. However, following approval from NOPTA, the varied work program for Vic/P41 now requires one exploration well to be drilled in Year 5 (by Nov. 28, 2017). This grants the Company additional time to perform the technical work required to mature the prospect before anticipated drilling and reduces Bass Strait Oil’s near-term funding obligations.