• Bass Strait Oil Company Limited
• Website: www.bassoil.com.au

Industry:

Oil, Gas & Consumable Fuels

Fiscal Year-End:

Jun 08

BAS is a specialist oil explorer focused on SE Australia. BAS has a highly experienced team with a 10-year history in the region. BAS holds exploration interests in the Gippsland and Bass Basins offshore and the Otway onshore. Extensive 3D seismic in Gippsland has defined a number of prospects. New Otway permit PEP 167 contains the 1987 Windermere-1 oil discovery and increases BAS permits to about 14,000sq km.

BAS was awarded its first Gippsland permit in 1998. It listed on the ASX in 2004 and has made two non-commercial discoveries: gas at Moby-1 in 2004 and gas/condensate at ZaneGrey-1 in 2005. As operator, BAS has safely drilled five offshore wells since 2001. BAS has established a large database for the Gippsland Basin that includes 7,000sqkm of modern 3D seismic data. Permits awarded in 2006 and 2007 include T42P and T43P in the Bass Basin and PEP167 in the onshore Otway, all 100% owned.

BAS operates in the Energy Sector, focusing on petroleum exploration off the coast of Victoria. The outlook for the resources industry is closely linked to world economic growth and the supply/demand balance for raw materials. The battle for share of the discounted petrol market has entered a new phase with the successful marketing venture with Woolworths.

BAS is differentiated by its high-impact exploration portfolio, its consistent technically based focus on the prolific southeast Australia region, and by the depth of experience of its board and management team. The portfolio of 14,000sqkm contains near- and long-term opportunities, with early 2008 Gippsland drilling free-carried. BAS has a 10-year hands-on history in the region, including JV operatorship. BAS’ team has many decades of petroleum experience, with several ex-Shell personnel.

BAS competes with other oil and gas exploration companies such as Woodside, Caltex Australia Ltd and Santos. Major customers are Australian commuters, major transport groups, mining companies and the aviation industry.