Due for drilling later this month, Maclean-1 will be only 770 metres deep and the partners believe if oil is present, there will be enough for a stand-alone development.
Meanwhile, the placement of 10 million BAS shares at 20c each will fund BSOC’s 2006 exploration program, as well as help secure new acreage and further near-term drilling opportunities, the company said.
Five million free-attaching options were also placed on a ‘one-for-two’ basis with the shares, exercisable at 30 cents before the end of the 2006/07 financial year.
The company said an Offer Information Statement was expected within two months.
“The company intends that, subject to the issue of an OIS, an application will be made for the 30 June 2007 options to be quoted on the ASX,” said CEO Andrew Adams.
The Maclean prospect in Bass Strait lies on the southern flank and downdip of the neighbouring Moby gas field, on the Flathead Anticline. Originally located on 2D seismic data, it was also covered by a 3D survey acquired and interpreted by BSOC in early 2005.
Participants in the Maclean joint venture are: Bass Strait Oil Company (operator and 40%), Moby Oil and Gas Limited (35%), and Eagle Bay Resources NL (25%).
