Offshore Gippsland, VIC
| Permit(s): | VIC/P74 |
| Interest: | 100% 3D Energi Limited (Operator) |
| Status: | Petroleum Exploration Permit |
| Basin: | Gippsland Basin, Victoria |
Highlights
- Located on the southern margin of the Gippsland Basin, a prolific hydrocarbon province
- New processing and acquisition technology available in unlocking deeper overlooked prospectivity
- Significant drill targets with commercial standalone volumes.
- 4 large drill targets with 1.8Tcf best estimate prospective resource within the Golden Beach Sub-Group
- Proven petroleum system with the Omeo gas condensate discovery within the Golden Beach Sub-Group
- Progressing towards the maturation of a drill-ready prospect
Overview
The Bass Strait oil and gas fields, operated by the Gippsland Basin Joint Venture, has produced more than half of Australia’s crude oil and hydrocarbon liquids. However, the rapid depletion of these fields is causing a tightening of gas supply to the east coast.
Considering this challenge, 3D Energi believes that significant opportunity still exists within the deeper and poorly imaged areas of the basin by leveraging its experience and expertise in unlocking prospectivity within the basin through the application of new technologies and datasets.
New prospectivity has been identified within the Golden Beach Sub-Group utilising reprocessed 3D seismic, which has provided a significant uplift in seismic quality and resolved early issues caused by velocity anomalies in the shallow overburden that led to early dry holes, both within and around the VIC/P74 exploration permit. 3D Energi has identified a Prospective Resource of 1.8Tcf (best estimate) across four drill targets within the Golden Beach Sub-Group.
VIC/P74 Exploration Permit, offshore Victoria
The VIC/P74 petroleum exploration permit covers an area of 1,006 km2 and lies within shallow Commonwealth waters of the Gippsland Basin, where water depths range up to 70m (Figure 13). The permit was awarded to TDO in July 2019 and subsequently, in October 2019, Hibiscus Petroleum elected to enter the permit and assumed a 50% non-operator interest. TDO now holds 100% interest in the permit after NOPTA approved a ‘Transfer of Title’ from Hibiscus Petroleum in Q3, 2022.
All primary term work commitments for VIC/P74 have been fulfilled, including licencing and interpreting the multiclient 3D seismic reprocessing, culminating in a strong portfolio of gas leads within the Golden Beach and Emperor subgroups, and oil leads within shallower closures.