Victoria Petroleum has acquired an 11.537 per cent interest in north Perth Basin Permit EP 413. Given the success of nearby Hovea and Cliff Head, the company considers the permit to be "very prospective".
"Regional structural mapping indicates the offshore Cliff Head structural trend to the west of the permit comes onshore to EP 413. Similarly the onshore Hovea structural trend to the east extends to the southwest into EP 413," the company said.
A recent seismic survey in the northern part of EP 413 has indicated the presence of a prospect approximately five kilometres to the south west of the Hovea Oil Field, which may form a drilling target in EP 413 in 2002. A seven kilometre seismic line to further define this prospect and potential drilling location is planned for late January 2002.
Victoria Petroleum said the acquisition of the EP 413 interest, operated by Origin Energy, is still subject to government approval.
