The Melbourne-based minnow, as part of a consortium comprising Exoil, Gascorp Australia, and National Energy, won the exploration rights to permits EPP35 and EPP36, offshore South Australia.

Moby, which holds a 20% interest, said EPP35 contained a proven hydrocarbon system with a wide range of potential prospects in a thick, prospective sedimentary section. Known as the Troas gas occurrence, gas indications were noted in previous wells in more than 1000m of section.

With good seismic and well data coverage, EPP35 is located about 100km from the gas pipeline to Adelaide. In 2009, the permit holders are required to acquire 325 square kilometres of new 3D seismic over this permit.

In the deeper waters of the Otway Basin, the consortium was awarded equal rights to the EPP36 permit, parallel to the Morum Sub-basin, as part of the Federal Government’s push for exploration in Australia’s frontier regions.

Moby said the permit was considered to have excellent reservoir potential for stacked plays in a thick Cretaceous section. Because of its proximity to the Morum Sub-basin, it is believed to have potential for marine influenced source rock.

In the third year of this permit, the holders plan to acquire 1100km of 2D seismic, which in addition to other exploration expenditure, will be eligible for a 150% tax deduction.

Meanwhile, Moby has also announced that it has entered into a farm-in agreement with Melbourne-based newcomer Oil Basins Limited, which will list on the Australian Stock Exchange today, for one of its Gippsland Basin permits.

Under the deal, Oil Basins would earn a 12.5% stake in Vic/P41 by paying part of the costs to drill the next well in the permit. If its share of costs exceed $1.65 million, Oil Basins will pay 5% of the additional costs incurred.

Current partners in Vic/P41 are Bass Strait Oil (operator with a 40% stake), Moby (30%) and Eagle Bay Resources (25%). Once the new farm-in deal is concluded, Moby’s interest in Vic/P41 will reduce to 20%.