Bass Strait Oil Company (ASX:BAS) has completed the sale of petroleum exploration permits PEP 167 and PEP 175 in the onshore Otway Basin, Victoria, to Lakes Oil (ASX:LKO) for $300,000.
This will allow the company to review the forward strategy for its Gippsland Basin portfolio, which may include divestment or farm-in.
It also remains committed to exploration in the western portion of the onshore Otway Basin through its 15% interest in PEP 150.
PEP 150 is considered to be prospective for both oil and gas with potential for conventional oil and gas in a range of Tertiary through Cretaceous plays and for unconventional hydrocarbons in the Casterton/sawpit section.
Bass Strait has also re-engaged Steven Noske as its permanent chief executive officer.
Noske will ensure that:
- The core assets are agreed;
- The forward business strategy is recognised;
- Focus is placed on the immediate imperatives; and
- Plans are in place to return the Company to growth.
The company had recently received and is analysing reprocessed 3D seismic covering its VIC/P41 and VIC/P68 permits as well as the adjacent ExxonMobil (NYSE:XOM)/BHP Billiton (ASX:BHP) Kipper Field.
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