Exoil has begun a complete review of the prospects and leads portfolio in Vic/P45, Moby Oil and Gas said in a statement.

“This review will look at the potential of the entire block and will draw upon the benefit of the modern 1,100 square kilometre high resolution 3D seismic survey, shot in 2002 and first processed in 2003, that covers most of Vic/P45. Replacement cost of this data would today be in the order of $10 million.

“The joint venture participants consider that considerable scope remains within the Vic/P45 Permit for the location of medium size oil prospects within the Latrobe Group. The Neptune/Trident and Errol leads have been identified by Exoil as hydrocarbon attribute plays.”

Moby said the partners would work closely in developing new drilling targets to tap the perceived potential.

“Exoil has simultaneously announced the appointment of Geoff Geary [a consultant petroleum geologist, formerly with Mobil Oil, of 26 years standing] to head up Exoil’s exploration team,” Moby said.

“Exoil is building a technical team and is looking to make further appointments to support both exploration objectives and field development capabilities in Moby’s and Exoil’s permits.”