BHP Billiton, dubbed by one international survey as the "most respected" resource company in the world, is scheduled to commence drilling operations during the first quarter of 2002 in the Archer Field, offshore Victoria, in the Bass Strait.
Archer Field is estimated to have four prospective oil pays and seven prospective gas pays down to a depth of 3.8km with an estimated gross pay section of about 350 metres. BHP has just completed a 3-D seismic survey of the Archer Structure in preparation for drilling.
The Archer Field is located within the 214,896 acre Permit 45, which starts 2.5km east of the nearest production in the Kingfish Oil Field. The average well in the Kingfish Field has produced 26,000,000 barrels of oil and the field has produced 1.1 billion barrels. BHP and ExxonMobil, which own the Kingfish Field, would provide pipeline and market access for hydrocarbons produced from Permit 45.
