“This indicates increased confidence in the mapping of the ZaneGrey structure and confirms the accuracy of the depth conversion methods applied,” Bass Strait Oil said in a statement.

“The tagging of the Gurnard formation 10 metres high to prognosis has significantly reduced the depth conversion risk for the targets in the well, which are in the intra Latrobe. The Gurnard Formation is not an objective in the well, as no closure is mapped at this location.”

ZaneGrey is a faulted anticlinal structure updip of Nannygai-1, a well drilled in 1972 on older 2D seismic data, which encountered good oil shows and an interpreted six metres of live oil in intra-Latrobe Group sandstones.

Bass Strait Oil’s evaluation of its 2002 3D seismic data indicates that the Nannygai-1 well may have drilled on the northern closure limit at intra-Latrobe Group levels. It is interpreted that the six metres of oil in the well may be part of a more significant accumulation over ZaneGrey.

ZaneGrey-1’s prime targets are the interpreted oil-bearing sandstones penetrated in Nannygai-1. ZaneGrey targets sandstones at a shallower level on the same structure.

Bass Strait Oil plans to drill ahead to the next casing point, then intersect the primary objective at about 3250 metres (2800 vertical metres below sea level) in the intra-Latrobe Formation.

Interests in the Vic/P42 joint venture are Bass Strait Oil Company Ltd (operator) 50% and Inpex Alpha Limited 50%.