The 3D Oil Limited and ConocoPhillips Australia joint venture is proposing to undertake an exploration drilling program that consists of seabed surveys and the drilling of up to six exploration wells in the Otway Basin.
The proposed activities are a continuation of the joint venture’s exploration program in the offshore Otway Basin, which aims to identify commercially viable natural gas reserves to help meet Australia’s energy needs.
The joint venture is proposing to undertake an exploration drilling program that consists of seabed surveys and the drilling of up to six exploration wells in exploration permits VIC/P79 and T/49P, located in Commonwealth waters offshore of Victoria and King Island, Tasmania.
ConocoPhillips Australia, on behalf of the joint venture, has commenced preparation of an Environment Plan (EP) that will seek approval for this exploration drilling program to be undertaken.
Drilling commencement is dependent on regulatory approval and rig availability. The initial activity will be a vessel-based seabed survey that will commence no earlier than January 2024.
“3D Oil are very pleased at the rapid progression towards drilling in 2024/2025,” 3D Oil said in a statement.
“ConocoPhillips Australia, as the Operator of the joint venture, continues to mature an exciting and highly prospective portfolio of drill targets that could be rapidly commercialised by ConocoPhillips Australia in the event of a discovery.
“The drilling of two exploration wells with limited exposure to 3D Oil could be a transformational event for the company.”
3D Oil has a 20 per cent interest in both exploration permits.
On 11 June 2020, ConocoPhillips Australia SH1 Pty Ltd entered a joint venture with 3D Oil T49 Pty Ltd after completing the farmout of an 80 per cent interest in T/49P. 3D Oil received a cash payment of A$5 million, a full carry on ≥1580km2 of 3D seismic, and a carry of up to US$30 million in gross costs towards the drilling of an exploration well.
Following this farmout deal, on 16 March 2023, ConocoPhillips Australia SH2 Pty Ltd entered a second joint venture with 3D Oil Limited after completing the farmout of 80 per cent interest in VIC/P79. 3D Oil received a cash payment of US$3 million and will be carried for up to US$35 million in gross costs towards the drilling of an exploration well.
