3D Energi has announced regulatory approval of the Sauropod 3D seismic Environmental Plan by NOPSEMA (National Offshore Petroleum Safety and Environment Management Authority), covering 3447km2 of WA-527-P petroleum exploration permit, offshore Western Australia.
Highlights
- 2-year Environmental Plan (EP) to acquire the Sauropod 3D seismic survey in offshore Western Australia has been approved by government regulator NOPSEMA.
- The EP provides for an acquisition window of 2024 or 2025 between January-May inclusive.
Executive Chairman’s Comments
Mr Noel Newell, Executive Chairman of 3D Energi, said today 'the approval of the 2-year Sauropod 3D seismic Environmental Plan marks an important step forward for the project. We have long recognised the exploration potential of the Bedout and remain excited about the exploration potential of WA-527-P and the Dorado look-alike features identified within the permit on reprocessed 2D seismic. The recent 2022 Pavo discovery along trend from the permit just further highlights the prospectivity of these plays along the basin margin, and the prolific nature of the greater petroleum system. The Sauropod 3D will be critical to the full evaluation of the prospectivity recognised to date and the further delineation of potential drilling targets'.
Sauropod Multi-Client 3D (MC3D) seismic survey
3D Energi holds a 100% participating interest in WA-527-P exploration permit, which covers an area of 6,580km2 over shallow Commonwealth waters of the Bedout Sub-Basin, where water depths generally range from 100-150m (Figure 1). The permit is located 195km west of Broome, on the Northwest Shelf, adjacent to the 2018 Dorado Discovery and along trend from the recent 2022 Pavo oil discovery.
The acquisition and processing of ≥510km2 of 3D seismic data over the most prospective areas of the permit forms a minimum commitment for the primary term (Years 1-3) work program of WA-527-P.
The approval of the Sauropod MC3D Environmental Plan represents an important step forward for the project given the recent regulatory uncertainty surrounding environmental permitting. The approved EP allows for a maximum full-fold acquisition area of 3447km2 over the western half of WA-527-P (Figure 1) and provides for acquisition in 2024 or 2025, specifically over a window extending from January-May (inclusive). The survey acquisition is anticipated to take approximately two months.
Sauropod will evaluate prospective plays similar to Dorado
The Sauropod MC3D is critical to the evaluation of the full prospectivity of WA-527-P, especially for the delineation of potential Dorado look-alike traps identified on reprocessed 2D seismic within the permit (Figure 2). The Dorado oil discovery in 2018 was the largest oil discovery on the Northwest Shelf in 30 years and has spurred a resurgence in exploration activity in the basin. The trapping mechanism at Dorado involves the erosional truncation of the Archer Formation sandstone reservoirs by large channels, subsequently backfilled with shales during a rapid rise in sea level, and there are strong indications for a northern extension to the Dorado channel system into WA-527-P.
The EP area for the Sauropod 3D also covers several large leads on the western side of WA-527-P, including Salamander which is the third largest undrilled structure in the basin (by area). 349 MMbbls of prospective resources (best estimate) has been identified across three main leads, including Salamander, Whaleback and Jaubert (TDO ASX release 26 February 2018).
Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Closing Comments
Approval of the Sauropod 3D seismic Environmental Plan represents an important step forward for the project. The Company continues discussions with interested farm-in parties and is collaborating with CGG around vessel availability. The Company also recently received a 2-year Suspension and Extension of the primary term, which now ends 28 December 2025.
Source: 3D Energi
