Saxon Investment Group, which the ASX describes as a ‘software and services firm’, has the option to pay up to $A1.65 million in the permit. If it agrees to farm-in, it will earn 5% equity from Moby for $333,333.
Under the deal, the Melbourne-based company would pay 12.5% of the costs to drill the next well, in addition to 5% of the joint venture costs incurred from May 1 until the spudding date of the next well.
Late last month, Moby, Bass Strait and Eagle Bay announced they were seeking parties to earn equity in Vic/P41 by contributing to drilling costs. The minnows outlined the block’s prospects at last Sunday’s annual Petroleum Exploration Society of Australia (PESA) Farm-in Seminar, held on the Gold Coast before the 2006 APPEA conference.
In their presentation, the joint venture said Vic/P41 offered play trends mapped by regional correlation with the Kipper and Basker/Manta/Gummy oil and gas fields through 3D surveys.
The prospects defined by the 575 square kilometre Oscar 3D seismic survey acquired last year are envisaged to be predominantly oil-charged.
The Oscar prospects feature tilted fault closures at Top Golden Beach level – analogous with the Basker/Manta/Gummy fields. The JV partners say these prospects have stacked pay potential with preliminary deterministic prospective resource estimates for an oil case indicating potential for 115 million recoverable barrels.
The Kipling prospect is on a downthrown fault closure along the Rosedale Fault, analogous with the Kipper field. Preliminary quantitative geophysics indicate a crestal amplitude variation with offset anomaly related to a gas cap and proving fault seal.
Prospective resource estimates for an oil case indicate potential for 118 million recoverable barrels, but these are likely to be segmented into several smaller subordinate traps.
Current equities in Vic/P41 are: operator Bass Strait Oil, which holds a 40% stake, Moby Oil & Gas 30% and Eagle Bay Resources 25%.
