AUSTRALIA — 3D Energi Limited (ASX: TDO) has announced a strategic shift in its east coast gas exploration efforts, prioritising projects with higher commercial potential.
The company has applied to surrender its VIC/P74 exploration permit in the Gippsland Basin, allowing it to concentrate resources on more promising ventures.
Executive Chairman Noel Newell emphasised the importance of this move, stating: “The timely surrender of permits which fail to reach the level of prospectivity or meet the desired risk profile is a component of good exploration management.”
This decision follows a comprehensive review of the VIC/P74 permit’s prospectivity and economic viability.
3D Energi is now directing its efforts towards high-impact exploration in the Otway Basin.
The company has partnered with ConocoPhillips Australia (COPA) for a significant drilling program scheduled for 2025.
This joint venture plans to drill two exploration wells, with COPA carrying up to US$65 million in costs.
The company’s strategy aligns with the pressing need for new gas sources in Australia’s east coast market.
Recent reports from the Australian Energy Market Operator (AEMO) have highlighted potential supply gaps in Victoria from 2026 onwards, underscoring the urgency of developing new gas resources.
While focusing on the Otway Basin, 3D Energi continues to explore opportunities in other areas:
- Investigating gas storage potential at the depleted Caroline gas field in the onshore Otway region
- Progressing plans for the Sauropod 3D seismic survey on the Northwest Shelf
- Evaluating new business diversification opportunities that align with the company’s goals
As 3D Energi prepares for its 2025 drilling campaign, the company remains committed to its objective of delivering new gas supply to the east coast market.
This strategic refinement positions the company to play a significant role in addressing Australia’s future energy needs while pursuing commercially viable exploration opportunities.
