The extension allows the company time to fully evaluate and finalise drill-ready prospects in the permit, with interpretation of reprocessed 3D seismic data covering P41 and Bass Straits' wholly owned P68 adjacent block nearing completion.

In addition, the extension allows the Vic/P41 work program to be aligned with the expected timetable for the redevelopment of Cooper Energy's recently acquired Basker Manta Gummy field.

The Vic/P41 joint venture, which consists of Oil Basins, Bass Strait Oil and Shelf Oil, is considering the opportunity for prospective resources in the permit to be commercialised through Cooper's redevelopment of BMG infrastructure in the nearby field.

Bass Strait noted that the confirmation of existing prospects in both blocks through new mapping, including the Kipling West prospect which straddles both, leaves the company in a position to conduct farm-out deals over both permits.

The company said it had already had initial discussions with potential partners, with formal farm-out activities and the opening of a data room expected to occur in the short term.

"The company sees its Gippsland portfolio as the foundation to return the company to growth," Bass Strait CEO Steven Noske said.

"The six-month time extension in Vic/P41 coupled with the activities completed across Vic/P41 and Vic/P68 has added to the value of our Gippsland portfolio.

"We are now ready, with a successful farm-out of these permits, to deliver value back to our shareholders."