The 550 square kilometre Oscar 3D seismic survey is underway in Vic/P41. The survey is expected to be completed within three weeks, after which data processing and interpretation are expected to take a further six months, according to BSOC.
“This $5 million investment is significantly in excess of the Vic/P41 permit commitment,” the company said.
The Vic/P41 Joint Venture has approved this investment in order to delineate several prospective leads identified on 2D seismic data. The partners expect the Oscar 3D survey to identify a number of suitable drilling targets.
“Subject to joint venture approval, a well on the permit could be drilled as early as late in 2005 or early 2006,” BSOC said.
“The Kipling feature is the highest-ranked Vic/P41 lead, with scope for prospective recoverable resources of 118 million barrels of oil and 820 billion cubic feet of gas. It is on trend with the Kipper oil and gas field.”
BSOC and Moby Oil & Gas Limited are both earning farm-in interests in Vic/P41 by meeting the costs of the first 250 square kilometres of the survey.
Interests in the Vic/P41 joint venture (after the seismic farm-in) are Bass Strait Oil Company Ltd (operator) 45%, Moby Oil & Gas Limited 30% and Eagle Bay Resources NL 25%.
Meanwhile, BSOC reports that at 6am this morning (AEDT) the ZaneGrey-1 well was setting casing at 2184 metres (1936 vertical metres below sea level) in the lower part of the Lakes Entrance Formation.
It had been planned to set the casing at the original hole depth of 2772 metres (about 2399 vertical metres below sea level) in the Latrobe Formation, but difficult hole conditions made it necessary to set casing at this shallower level, according to BSOC.
“It is now planned to drill new hole below the casing point, with the expectation that the target zones will be reached next week,” BSOC said.
“This represents a delay of approximately one week from our original schedule. The geological objectives of ZaneGrey-1 have not been compromised by this delay.”
The well’s prime targets are the interpreted oil-bearing sandstones penetrated in Nannygai-1. ZaneGrey-1 is targeting these sandstones at a shallower level on the same structure at about 3250 metres (2800 vertical metres below sea level) in the intra-Latrobe Formation.
Participants in the Vic/P42 joint venture are Bass Strait Oil Company Ltd (operator) 50% and Inpex Alpha Limited 50%.
