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Geology and history

Geology

The Basin formed as part of a rift complex between the Australian and Antarctic Plates during the Late Jurassic to Early Cretaceous, followed by Late Cretaceous separation and creation of ocean crust in the Tasman Rift.

In the Late Cretaceous, sediments of the Golden Beach Group were deposited in a braided stream environment. These sands are generally of modest reservoir quality. These are overlain by Late Cretaceous/Tertiary Latrobe Group, comprising meandering fluvial channel and coastal barrier sands deposited in a coastal plain / marginal marine environment. Hydrocarbons trapped in these sands in combination structural/stratigraphic traps sealed by overlying shales of the Lakes Entrance Formation or intra-formational shales form the main play. The sands are typically good reservoir quality.

Regional activity

The Gippsland Basin is in a prolific petroleum province, with well established oil and gas production and estimated 2P ultimate recovery volumes of more than five billion barrels of oil and ten trillion cubic feet of sales gas.

Hydrocarbons were first discovered in the offshore by Esso in 1964 at Barracouta. Gas production from the field commenced in 1969 from Late Eocene Latrobe Group clastic reservoirs in a faulted anticline.

Permit size

202km² gross (61km² net).

History

In 2H 2008, ROC acquired its interests in the Gippsland Basin via acquisition of Anzon Australia Limited ("AZA").
ROC''s assets in the Gippsland Basin comprise an operating interest in three production licences (VIC/L26, VIC/L27 and VIC/L28) which contain the Basker-Manta-Gummy Oil and Gas Fields.
BMG is located 50-75 kilometres off the Victorian coast of Australia in water depths of approximately 100-200 metres.
In November 2010, the BMG Joint Venture agreed to commence preparations for entry into a non-production phase (NPP). Activities to enter the field into the NPP concluded in 2Q 2012.
ROC's interest in the VIC/P49 exploration permit expired effective 15 April 2010.