Gippsland Basin

Drillsearch 100%

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.

The Gippsland Basin is one of Australia’s premier petroleum producing areas, having already produced in excess of 3.8 billion barrels of oil and 6.5 trillion cubic feet of natural gas. The exploration concept on the southern margin of the Gippsland Basin is similar to the increasingly successful play that Drillsearch is pursuing on the western margin of South Australia’s onshore Cooper Basin. That is, targeting hydrocarbons that are trapped as they migrate away from the main basin depocentre and towards the basin margin.

Drillsearch is targeting structural and stratigraphic traps of the Latrobe Group as it on-laps the basement and pinches-out towards the basin margin. It is expected to be sealed both vertically and laterally by the overlying Lakes Entrance Formation. The Latrobe Group and Lakes Entrance Formation are a proven reservoir/seal combination in the existing fields within the Gippsland Basin. This is a potential company making play for Drillsearch. While the currently identified leads offer only modest reserve potential, the mega-stratigraphic play, at the ultimate pinchout edge of the Latrobe reservoir unit, has the scope to achieve reserves in the order of hundreds of millions to billion barrels of oil.