The ‘high side’ or P10 estimate of undeveloped reserves is 136 bcf.

The offshore Gippsland Basin field's gas accumulation could now be classified as an "undeveloped reserve" under Society of Petroleum Engineers (SPE) guidelines, BSOC said.

"The chief uncertainty in the Moby reserves estimates relates to the extent of the accumulation to the east and south of the Moby-1 discovery well," BSOC said.

"The Moby-1 discovery verified that the 3D seismic amplitude anomaly corresponds to the gas accumulation. However, to date the known extent of this anomaly has been limited by the lack of 3D coverage over the field.”

The company has moved to reduce this uncertainty by acquiring the A$2 million Moby 3D seismic survey in January 2005, completing 3D coverage over the Moby field in Vic/P47. The Moby 3D data is now being processed with results expected within two to three months.

"Confirmation from the Moby 3D survey that this anomaly extends significantly to the east and south could allow a further upward revision of the reserves estimate,” BSOC said.

"This would likely lead to the drilling of a Moby-2 appraisal well later this year."

Participants in the Vic/P47 joint venture are Bass Strait Oil Company Ltd (operator) 40%, Moby Oil & Gas Limited 35% and Eagle Bay Resources NL 25%.