Bass Petroleum to farm in to Oil Company of Australia areas

Jul 25, 2000 02:00 AM

Two explorers are promising to boost the level of activity in the search for oil and gas in Queensland's Surat Basin. Bass Petroleum Holding is looking to farm in to a wide range of permits in the area owned by Origin Energy subsidiary Oil Company of Australia. Under the heads of agreement signed by the companies they intend to apply technology previously not tried in the Basin.
OCA General Manager Paul Elkington said Bass would bring its proprietary geochemical survey system to the area. It will record a small 2D seismic survey and drill nine exploration or appraisal wells with a tenth well contingent on results. The early focus of Bass' program will be to extend the New Royal field which has produced 880,000 barrels of oil since its discovery in 1995.
In addition to the oil program, highly productive gas sands on the flanks of the Kincora-Yarrabend Trend which has produced in excess of 80 bn cf of gas will be targeted. The program will also address the area around the recent Myall Creek 2gas discovery.
Mr. Elkington said the companies were confident the increased activity would result in extending the life of the Surat Basin as a producing region. The arrangement is subject to a Farming Agreement being executed by the parties.

Source: Energy24
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