Bass Oil Ltd · ASX:BAS
Bass Oil — Bass Strait Oil Company — Resources Victoria Conference 2009
32 slides from Bass Oil's conference presentation, Aug 17, 2009
Slide 1: Bas Exploration Activity Review
For personal use only BAS EXPLORATION ACTIVITY REVIEW RESOURCES VICTORIA CONFERENCE, 17 – 18 AUGUST 2009
Slide 2: BAS Exploration Vision - Oil for Australians
BAS EXPLORATION VISION - OIL FOR AUSTRALIANS For personal use only • Australia's crude oil and condensate production is in decline, from nearly 100% of Australia's needs in 2000 to APPEA’s predicted 32% by 2017 • This carries an obvious significant dollar cost to the nation with a forecast multi bil
Slide 3: BAS Exploration Strategy
BAS EXPLORATION STRATEGY • Built on the three pillars for exploration success For personal use only – quality acreage, quality staff, quality data • In 1998, BAS identified SE Australia as its hunting ground and acquired its first permit in the proven Gippsland Basin • Our strategy has evolved to in
Slide 4: Bass Strait Oil Company Ltd – Permit Interests
BASS STRAIT OIL COMPANY LTD – PERMIT INTERESTS For personal use only TOTAL ACREAGE ca14,000 SQ KM LOCATED IN THREE BASINS – Prolific offshore Gippsland Proven onshore Otway Frontier offshore Durroon Sub basin Gippsland Basin VIC/P42 – 100% (post renewal) VIC/P41 – 45% operator VIC/P47 – 40% operator
Slide 5: BAS Acreage Overview
BAS ACREAGE OVERVIEW BALANCED PORTFOLIO of OPPORTUNITIES: APPRAISAL thru FRONTIER For personal use only ¾ OFFSHORE GIPPSLAND VIC/P41, VIC/P42, VIC/P47, VIC/P66 GAS APPRAISAL plus 3D DEFINED EXPLORATION plus FRONTIER Proven world class basin with high quality 3D seismic data High impact oil explorati
Slide 6: Directors and Management
DIRECTORS AND MANAGEMENT For personal use only ¾ John McInnes OAM, Chairman – holds a commerce degree and is a chartered accountant, currently a director on several other company boards ¾ Andrew Adams, Managing Director – BSc, MBA, former Amoco Canada and Santos executive, member of APPEA Exploratio
Slide 7: Gippsland Basin - 3D Seismic Investment
GIPPSLAND BASIN - 3D SEISMIC INVESTMENT For personal use only Over 7000 sq km of 3D data on BAS interpretation system Bas has acquired 3D in Vic/P41, 42 & 47
Slide 8: BAS - Gippsland Basin Acreage
BAS - GIPPSLAND BASIN ACREAGE For personal use only VIC/P42 & VIC/P47 Renewal process ongoing Permit areas in renewal term shown
Slide 9: VIC/P47: Offshore Gippsland Basin
VIC/P47: OFFSHORE GIPPSLAND BASIN For personal use only Located on the basin’s northern margin Longtom gas field is nearby analogue for Judith - both Emperor Sub Group reservoirs Patricia Baleen is closest offshore gas infra-structure Kipper development plans recently announced - Golden Beach reserv
Slide 10: VIC/P47: Judith-1 Gas Discovery
VIC/P47: JUDITH-1 GAS DISCOVERY For personal use only JUDITH-1 SUMMARY ¾ Drilled by Shell in 1989 on 2D seismic ¾ Log interpreted 135m net Emperor subgroup gas pay ¾ Now 3D seismic covered ¾ Was not tested, limited logs ¾ Reservoir upgraded by Longtom gas appraisal - first commercial development fro
Slide 11: Independent Resource Certification
INDEPENDENT RESOURCE CERTIFICATION Gaffney Cline Associates For personal use only AREAL DISTRIBUTION OF GCA JUDITH GAS RESOURCES GIIP bcf EUR bcf Low Best High Low Best High Judith-1 Contingent 87.8 298.1 1245.6 48.3 193.7 934.2 TDS-1 Prospective 24.3 156.8 479.7 13.3 101.9 359.8 Judith South Prospe
Slide 12: Judith-1: Well - Seismic Tie
JUDITH-1: WELL - SEISMIC TIE For personal use only Judith-1 JUDITH -1 Mapped five events tied to sand tops and bases
Slide 13: Judith South/Judith Block – SW to NE Traverse
JUDITH SOUTH/JUDITH BLOCK – SW to NE TRAVERSE Judith South Judith-1 For personal use only WSW Judith-1 ENE
Slide 14: Judith Prospective Opportunities
JUDITH “PROSPECTIVE” OPPORTUNITIES For personal use only PROSPECTIVE AREAS (NW1, NW2, TDS, JUDITH SOUTH) Mapped four additional events: - Top and Base NWS-1, - Top NWS-2 - TDS-1 Top (event beneath Judith TD)
Slide 15: VIC/P41: Offshore Gippsland Basin
VIC/P41: OFFSHORE GIPPSLAND BASIN For personal use only Nearby commercial fields Longtom, Kipper, Basker/Manta/Gummy BMG • BAS 45% & operator • North-east basin margin • Proven petroleum system • Limited exploration in permit (2 invalid wells) • Several mapped prospects
Slide 16: VIC/P41: Prospects and Leads
VIC/P41: PROSPECTS AND LEADS For personal use only 3D defined, high impact prospects Kipling, analogous to Kipper field P50: 124 MMbbls +620 Bcf Benchley, GB and Halibut targets P50: 184 MMbbls + 1.4 Tcf Oscar, analogous to Basker/Manta P50 combined total - 40 MMbbls (Unrisked, 100% volume estimat
Slide 17: Regional Top Golden Beach Time Map
REGIONAL TOP GOLDEN BEACH TIME MAP NOTE STRUCTURAL RELATIONSHIPS BETWEEN • KIPPER FIELD & KIPLING/BENCHLEY (possibly one Rosedale fault closure) For personal use only • BASKER/MANTA/GUMMY FIELDS & OSCAR TREND PROSPECTS
Slide 18: 2008 Seismic - Dipline GOBS08 Over Lead A
2008 SEISMIC - DIPLINE GOBS08 14 OVER LEAD A For personal use only S N LEAD A Top Volador Fm Rosedale Fault Top Golden Beach Fault closure downthrown from Rosedale Fault Juxtaposed against Strzelecki Group Amplitude brightening in prospective Volador to Golden Beach section
Slide 19: VIC/P66: Offshore Gippsland Basin
VIC/P66: OFFSHORE GIPPSLAND BASIN For personal use only BAS – 60% & operator No wells & sparse seismic control Assessing possible extensions of Vic/P41 plays and leads (e.g. Lead A) In Year 1, building data base
Slide 20: VIC/P66: Play Concepts
VIC/P66: PLAY CONCEPTS For personal use only VIC/P41
Slide 21: VIC/P42: Prospects & Leads
VIC/P42: PROSPECTS & LEADS For personal use only In renewal process – BAS to assume 100% Zane Grey and Omeo discoveries Renewal area fully covered by 3D seismic Seismic data sets to be reprocessed
Slide 22: VIC/P42: Tarra SE & Dolphin Field Analogue
VIC/P42: TARRA SE & DOLPHIN FIELD ANALOGUE For personal use only Top Latrobe Tarra SE
Slide 23: Onshore Otway Basin – BAS Acreage
ONSHORE OTWAY BASIN – BAS ACREAGE For personal use only • Excellent access and infrastructure in onshore Otway indicates good economics for oil development • BAS 100% in PEP 167, contains Windermere-1 oil discovery • BAS 15% farmin interest to PEP150 - contains Lindon oil discovery (permit pending n
Slide 24: Otway Basin: PEP167, Windermere-1 Oil
OTWAY BASIN: PEP167, WINDERMERE-1 OIL For personal use only Windermere-1: ¾ drilled in 1987 ¾ recovered 32 bbls oils on test Windermere-2 drilled in 1989, dry, separated by fault Technical studies completed ¾ Seismic data reprocessing ¾ Reservoir engineering review ¾ Petrophysics ¾ Remapping Plan to
Slide 25: Bass Basin Acreage – BAS 100% and Operator
BASS BASIN ACREAGE – BAS 100% and operator For personal use only T/42P & T/43P - total 6,120 sq km capturing much of the Durroon Sub basin play Under explored area with one well, limited 2D seismic. New 2D seismic acquired and older vintage data reprocessed in 2008. Favourably located - infr
Slide 26: Permit Location – Regional Setting
PERMIT LOCATION – REGIONAL SETTING For personal use only Adapted from Blevin et al 2003 Exploration drilling to date has focused on Cape Wickham plays Primary plays are not the same in the two sub basins
Slide 27: Bass Basin Acreage – Regional Setting
BASS BASIN ACREAGE – REGIONAL SETTING For personal use only Chat Accommodation Zone (CAZ) defines the two sub basins Major NW/SE structure evident on depth to basement map Bark, Anderson & Boobyalla Troughs untested Durroon SB Z source “kitchens” CA Presence of reservoirs and access to hydro
Slide 28: T/42P & T/43P – BAS 2008/09 Work Programme
T/42P & T/43P – BAS 2008/09 WORK PROGRAMME For personal use only Acquired 2D seismic mid 2008 Reprocessed older vintage 2D Completed basin modelling (3DGeo) Targa 2D seismic survey 1192kms acquired May 2008 Reprocessing completed 2008, total 792kms
Slide 29: T/42P & T/43P – Permit Evaluation
T/42P & T/43P – PERMIT EVALUATION For personal use only EVALUATION & SEISMIC MAPPING RESULTS: Durroon-1 (1972) & Chat-1 (1986) wells invalid tests Several large structural prospects & leads identified at 3 stratigraphic levels Basin modelling shows active source kitchens with Short migration
Slide 30: Hydrocarbon Prospects & Migration
HYDROCARBON PROSPECTS & MIGRATION For personal use only Short migration pathways (green arrows) to prospects Durroon-1 feature relied on a limited kitchen
Slide 31: Clear Exploration Focus on Southeast Australia
Clear Exploration Focus BASS STRAIT on Southeast Australia (0) @ Strong permit position, i‘ excellent leverage to high-impact discovery potential. Oil for Australians # Coherent, focussed portfolio across three productive esha: asm, # Offshore drilling & seismic operations experience since 2000, “Us
Slide 32: Disclaimer
DISCLAIMER For personal use only This presentation has been prepared by Bass Strait Oil Company Ltd (“BAS” or the “Company”), with the purpose of providing general information about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the
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