The deadline for the well was August 5, but operator Bounty Oil and Gas said it failed to secure a rig before that time and so had formally requested an extension to the permit term.
The Biggus-1 well site is located offshore Sydney in PEP 11, which also contains six large leads, each with significant potential gas recoveries.
Joining Bounty in PEP 11 is Asset Energy, whose initial farm-in costs will be covered by a pooled development fund, MEC.
The offshore Sydney Basin was considered a significant exploration area, with large-scale structuring and potentially a multi-trillion cubic feet of gas and condensate-charged Triassic and Permian reservoirs.
Covering about 5000 square kilometres, the offshore Sydney Basin extends from southern coastal New South Wales to Central Queensland.
