Bass Oil Limited, formerly Bass Strait Oil Company Limited (BAS), is engaged in the exploration for oil and gas in onshore and offshore areas of south-eastern Australia. The Company holds interests in over two adjacent offshore permits in the Gippsland Basin, which include Vic/P41 and Vic/P68, which are located approximately 40 kilometers south of the Victorian coast line. Exploration permit Vic/P68 lies to the west of Vic/P41 in the offshore Gippsland Basin with water depths increasing from 50 to 150 meters towards the southeast. This block comprises approximately 1070 square kilometers and contains over two primary play trends: the Rosedale Fault Trend and the Lake Wellington Fault Trend. The BAS exploration permit portfolio targets both conventional oil and gas, and unconventional gas plays. In the Gippsland Basin, its portfolio is focused on the Rosedale Fault Trend on the northern margin of the basin. In the Otway Basin, its portfolio comprises an eastern onshore permit, PEP 150.