Gippsland Offshore said on Friday that the JV has finished exploring its large tranche of acreage in the Walton Basin over the past year and is now looking to jointly farm-out to test the mapped leads and prospects.

The Melbourne-based company said interpretation of the 7000km 2D seismic and Falcon airborne gravity gradiometry data is being finalised and it is “encouraged” by the preliminary results.

“It is our intention to complete the current work in the next six weeks with a view to presenting results, arranging a data room, and achieving a farm-out in late May,” it said.

Gippsland Offshore and Finder Exploration are 50:50 partners in the JV.