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Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	BAS
Latest Price:	0.02 (4.76% )
52-week High:	0.05
52-week Low:	0.02
Market Cap:	6.40M

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Bass Strait Oil Company

Bass Strait Oil Company (ASX: BAS) is a specialist oil explorer focused exclusively on south-east Australia.

Bass Strait Oil Company has hopes for commercial flows at Windermere

Monday, March 22, 2010

Bass Strait Oil Company (ASX: BAS) has kicked-off recording of the Windermere 3D seismic programme in PEP 167 commenced during the weekend.

Exploration permit PEP 167 is located in the onshore Otway Basin, near Portland, in western Victoria. Bass Strait Oil holds a 50% interest.

The survey will cover 41 sq km and recording and associated operations are scheduled to take approximately two weeks.

In 1987, the Windermere-1 well produced oil on test but was never put into production given the oil prices and the available technology at that time.

BAS’s review indicates that the oil bearing formation may have been damaged during drilling operations and that there is good potential to achieve commercial flow rates at Windermere.

The company would use modern drilling techniques and potentially employing horizontal drilling.

The new 3D seismic data is expected to provide high quality definition of the Windermere oil zone for the very first time.

The objective of the new Windermere 3D survey is to define the nature and extent of the Windermere accumulation and to allow detailed planning and optimisation for appraisal drilling.

A strong mitigating factor in the evaluation of the Windermere oil zone is the strong infrastructure in the area and
relatively short transport distance via sealed highway to the Geelong refinery.

PEP 167 Joint Venture partners are: Bass Strait Oil Company, 50% and operator Interra Resources Ltd (ASX: ITR), 50% interest.

PEP 167 contains two discovery wells: the 1987 Windermere-1 oil well and at the 2002 Port Fairy-1 oil and gas well. Interra Resources Ltd is funding 100% of the Windermere 3D survey up to a cap of $1.75 million, after which joint venture contributions revert to 50/50.

ITR is a Singapore-based exploration and production company with onshore oil production in both Indonesia and Myanmar, as well as exploration interests in Thailand.

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