The Melbourne-based company said it would be fully funded through the Marie survey in the first phase of a farm-in by Apache Northwest, which has budgeted up to $20 million for the survey.

The second phase of the farm-in requires Apache to fully fund the drilling of an exploration well in order to complete its obligations and thereby earn a 60% interest and operatorship in the permit. Partners BSOC and Inpex would each retain a 20% interest.

BSOC said data acquisition for the Marie survey will be carried out by Western Geco using the vessel Western Trident, which is fitted with state-of-the-art solid streamer recording technology.

Recording operations are expected to take between two and three weeks, depending on weather conditions.

The Vic/P42 permit is adjacent to Kingfish, Australia’s largest oil field, and the Bream oil and gas field.

The Marie survey will be the first 3D seismic data recorded in the western and northwestern areas of Vic/P42 and will complete continuous coverage between existing 3D surveys.

BSOC said the survey would address several features identified on older 2D seismic, including leads analogous to the nearby Dolphin and Perch producing oil fields and the 1983 Omeo gas and condensate discovery.