In 1975 the Commonwealth Government established import parity pricing for all liquid hydrocarbons discovered after the 16th September, 1975. These discoveries were termed "new oil" to differentiate them from existing discoveries and production. Overnight the price of the product being sought trebled, resulting in greatly enhanced economics by increasing the potential returns on existing prospects and by making smaller plays economically viable. After 18 years of drilling, the offshore Gippsland Basin has attained a moderate level of exploration for a basin of its size. Fifty seven prospects have been drilled within the basin but only a few of these were drilled along the southern and northern margins, while the deep water areas along the eastern margin have remained virtually undrilled following the Hapuku-1 oil discovery. The major hydrocarbon accumulations within the basin are trapped beneath the Latrobe Unconformity surface and exploration has largely concentrated on this single play in areas immediately adjacent to the major producing fields.