|20% 3D Energi
|ConocoPhillips Australia, 80%)
|Petroleum Exploration Permit
|Otway Basin, Victoria/Tasmania
- Strong joint venture relationship with ConocoPhillips Australia in 2 permits
- Outstanding portfolio of potential drill targets with significant prospective resources (12 Tcf gas gross)
- ~US$65 million funding towards 2 exploration wells
- Established pathway to commercial gas project
- High quality exploration portfolio with low risk near-field exploration
- Surrounded by existing gas discoveries
- Proximal to undersupplied east coast gas market
- Amplitude supported prospects with high success rates drilling amplitude supported prospects
The Offshore Otway Project includes two offshore exploration permits in the offshore Otway Basin, VIC/P79 and T/49P. 3D Energi has a 20% participating interest in both permits, which are operated by ConocoPhillips Australia.
Located in southeast Australia, the Otway Basin covers an area of approximately 155,000km2, mostly offshore. The basin extends from South Australia to Victoria and Tasmania and is an important gas producing basin, with more than 200 exploration wells across onshore and offshore areas.
3D Energi has established a strong acreage position in the offshore Otway Basin, covering ~7,265km2 along the shallow inner margin of the continental shelf, having identified up to 10.5 Tcf (gross best estimate) in Prospective Resources and successfully attracted a new basin entry from the US super major ConocoPhillips.
VIC/P79 exploration permit is flanked to the north by existing gas discoveries at La Bella and producing fields along the Pecten High trend (including Casino), which are connected via pipeline to the onshore Athena gas plant (operated by Cooper Energy). To date, 533 Bcf (gross best estimate) in Prospective Resources has been identified within the southern half of the permit. A future 3D seismic program over northern VIC/P79 will enable an assessment of the full prospectivity of the permit.
The Thylacine and Geographe fields lie 5km to the east, being the largest in the basin to date, between the VIC/P79 and T/49P permits. These gas fields are connected via pipeline to the onshore Otway Gas Plant (operated by Beach Energy). The 1.3 Tcf (gross best estimate) Flanagan Prosect lies 30km west from Thylacine and Geographe fields, however, an additional 8.7 Tcf (gross best estimate) has been identified across a series of structures towards the south.
The Otway Basin gas plants are connected to an east coast grid of interconnected gas transmission pipelines that supply the east coast gas market. With the state of Victoria rapidly depleting its reserves, there is significant uncertainty around the short-and long-term gas supply on the east coast. According to the 2023 AEMO Gas Statement of Opportunities, Victoria is forecast to become a net importer of gas from winter 2027.
T/49P Exploration Permit, offshore Tasmania
3D Energi Limited (ASX: TDO) has a 20% participating interest in T/49P exploration permit via its 100% owned subsidiary 3D Oil T49P Pty Ltd. T/49P covers an area of 4,690km2 west of King Island, Tasmania, and lies in shallow Commonwealth waters of the Otway Basin where water depths generally range from 100-200m.
T/49P was originally awarded to 3D Energi in May 2013 as part of the 2012 Gazettal round. In 2020, the Company divested 80% interest in T/49P to current operator ConocoPhillips Australia. Pursuant to the farmout agreement, the Company received A$5M in recognition of previous permit expenditure and ConocoPhillips acquired the Sequoia 3D covering 1782km2. ConocoPhillips Australia may elect to drill an exploration well in which it will carry up to US$30M towards drilling costs. The permit work program has an optional one well minimum commitment in Year 6 of the secondary term.
VIC/P79 Exploration Permit, offshore Victoria
3D Energi Limited (ASX: TDO) has a 20% participating interest in VIC/P79 exploration permit, which covers an area of 2,575km2 over shallow Commonwealth waters of the Otway Basin, where water depths generally range from 100-200m in the south to around 40m in the north.
VIC/P79 was awarded to 3D Energi in February 2022 as part of the 2020 Gazettal round. Shortly thereafter, in June 2022, the Company divested 80% interest in VIC/P79 to current operator ConocoPhillips Australia. Pursuant to the farmout agreement, the Company received US$3M and ConocoPhillips committed to the drilling of one exploration well, carrying up to US$35M towards drilling costs. The permit primary work program has a minimum commitment of 630km2 of 3D seismic reprocessing and the drilling of one exploration well before February 2025.