- The permit provides high risk - high reward deep water exploration opportunities in the Otway Basin.
- Deep water exploration (> 500m) is an emerging frontier with many large discoveries in excess of 500 MMBOE in recent years.
- Potentially prolific turbidite fan complexes are associated with some continental shelf margins.
- A number of shelf margin opportunities have been identified in VIC/P50.
- Only one deep water exploration well has been drilled in the Otway Basin.
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