Some of the players behind BSO include former Shell Australia and Shell Venezuela chief, Bernard Wheelahan and his former exploration manager, Henry Askin. Also aboard is Geoff Albers, who currently chairs Methanol Australia, founded Cue Resources and was involved in the discovery of the Yolla field in Bass Strait, the Maari field in New Zealand and the Evans Shoal gas discovery in the Timor Sea.

BSOC, a private company with links to Japanese explorer Inpex, should not be confused with the ASX listed Bass Strait Oil Trust (BSO) which is a royalty play built upon revenues from Bass Strait oil production agreements.

BSOC has an option to acquire 75% of VIC/P47, an offshore petroleum exploration permit located adjacent to the Patricia Baleen gas development on the northern flank of the offshore Gippsland Basin of Australia.

BSOC will earn their equity by contributing the first $6 million - principally toward well costs - during the second permit year (ending May 2003). Upon exercising the Eagle Bay option, BSOC will become the operator.

Eagle Bay told the stock exchange that BSOC must be exercised by the end of October, which requires them to drill the second year well in this year's fourth quarter. During the option period, BSOC must complete $250,000 of seismic and other interpretative work.

According to Eagle Bay, three wells have been drilled in the permit, two of which had good oil shows at the top of Latrobe level and the third had good gas shows at a deeper level.