The rig was released from the Basker-2 well yesterday and is expected to start drilling Gilbert-1 later today, according to the company.

It is expected to take about five days for the drill bit to reach the first target horizon at the top of the Gurnard Formation. The well is planned for a total depth of 910 metres to evaluate the Gurnard, Latrobe and Strzelecki Formations, BSOC said.

"As this is the first well on the structure, no drill stem or production tests are planned," the company said.

"A full evaluation of the well will be caried out using Schlumberger Logging While Drilling (LWD) technology, [and subject to encountering hydrocarbons], wireline logging and an optional sidewall coring program are planned."

Upon release from Gilbert-1, the Ocean Patriot rig will move to the Bass-operated Maclean-1 well, in which the company holds a 40% participating interest.

While Bass is the project operator of Gilbert-1, it does not hold any participating interest in the project.

Participants in Gilbert-1 are: Gippsland Offshore Petroleum (51%); Lakes Oil NL (26%); Eagle Bay Resources NL (10%); Moby Oil & Gas (10%); Stellar Resources (3%); and Bass Strait Oil Company Ltd (operator , no equity).