The seismic data will now be processed to the stage of pre-stack depth migration, which BSOC said was expected to be completed in September or October.

Intermediate and “fast-track” processed data volumes should be available for initial interpretation from June, it said.

The Marie survey will be interpreted together with existing seismic surveys in order to high grade a Vic/P42 prospect for planned drilling next year.

The Vic/P42 permit contains the ZaneGrey and Omeo gas and condensate discoveries and is adjacent to Kingfish, Australia’s largest oil field, and the Bream oil and gas field.

The Marie survey is the first 3D seismic data recorded in the western and northwestern areas of Vic/P42 and will complete continuous coverage between existing 3D surveys.

BSOC said the survey would address several features identified on older 2D seismic, including leads analogous to the nearby Dolphin and Perch producing oil fields and the 1983 Omeo gas and condensate discovery.

BSOC was fully funded through the survey in the first phase of a farm-in by Apache Northwest, which budgeted up to $20 million for the survey.

The second phase of the farm-in requires Apache to fully fund the drilling of an exploration well in order to complete its obligations and thereby earn a 60% interest and operatorship in the permit.

Partners BSOC and Inpex would each retain a 20% interest.

BSOC said subject to successful prospect mapping incorporating the Marie survey data, Apache plans to drill a Vic/P42 exploration well as part of its Gippsland Basin drilling program starting early 2008.