VIC/P63, VIC/P64 & T/46P - Gippsland Basin
Drillsearch 100%
Project Summary
Drillsearch retains three Gippsland Basin Permits. Two are located in Victoria that is VIC/P63 and VIC/P64. Another adjacent to the Tasmanian waters T/46P. These Permits award Drillsearch 100% ownership of an entire oil play on the southern flank of the world-class Gippsland Basin. The addition of the three Permits extends Drillsearch's ‘brownfield’ exploration philosophy to search for additional hydrocarbons within mature petroleum provinces. .
Drillsearch's numbers of offshore Gippsland Basin Permits and the area extent are displayed in the table below.
| Permit | Number of Blocks | Area(km2) |
| VIC/P63 | 24 | 1,316 |
| VIC/P64 | 36 | 2,039 |
| T/46P | 81 | 4,942 |
| All Permits | 141 | 8,297 |
All Permits, in total, cost $3.15 million for the Primary Term of three years. This consists of 8,300km2 oil play and a work commitment program of seismic reprocessing and two rounds of 1,500km of 2D seismic acquisition. Having such a large acreage holding on the margin of the world-class, multi-billion barrel Gippsland Basin; it is a significant asset enhancement for Drillsearch’s exploration potential.
There has been little or no exploration in this area over the past thirty years. However, the most recent Sailfish_1 well was drilled in the year, 1971.
Recent Activity
Interpretation of the more than 4,000km of 2D seismic data, reprocessed by Drillsearch, was completed during the June quarter of the year 2009. A number of structural and stratigraphic prospects have been identified on the southern margin of the Gippsland Basin which the company believes is a focus for hydrocarbons migrating out of the main source area immediately to the north. Prospective Resource estimates range from 10-50million barrels of oil in the structural traps to almost a billion barrels in the largest stratigraphic trap. Planning has commenced to acquire 1,500km of new 2D seismic data to delineate prospects for possible drilling. Drillsearch has joined with several other Gippsland Basin operators to mobilise a seismic vessel during the year 2010 to carry out this program.