3D Oil has announced an upgrade to the VIC/P79 prospective resources released to the market on 8th June 2022 and the inclusion of several new leads, having progressed subsurface maturation efforts.
Highlights
- Subsurface maturation has enabled an update to the existing leads and prospects portfolio.
- Six (6) near-field leads are identified on the La Bella 3D, most with amplitude support and/or flat spots, with a combined best estimate prospective resource of 533 Bcf (in-permit recoverable).
- Essington Prospect (formerly Vanguard) prospective resource upgrade from 161 Bcf to 246 Bcf recoverable best estimate.
- Reprocessing of the La Bella 3D has commenced and will take 8-10 months.
- Ongoing 3D seismic activities will enable maturation of leads, including Monarch and Rosetta, prior to the late 2024/2025 drilling campaign.
Managing Director’s Comments
Mr Noel Newell, Executive Chairman of 3D Oil, said today '3D Oil has worked diligently to continue maturing the subsurface during the progression of the VIC/P79 farmout process to ConocoPhillips Australia. This release upgrades the prospectivity already identified and adds to a compelling portfolio of potential drill targets as the incoming operator, ConocoPhillips Australia, progresses towards exploration drilling in 2024/2025.
The growing portfolio demonstrates the potential for a commercial gas project in VIC/P79. Amplitude supported leads and prospects represent low risk, near field exploration targets as demonstrated by a reported 100% success rate drilling amplitude supported prospects in adjacent permits, reported by operators Beach Energy and Cooper Energy.
Ongoing 3D seismic reprocessing should provide a strong uplift in image quality where amplitudes are masked by channelling over key potential targets near the La Bella gas discovery, some of the largest features in the portfolio. Reprocessing will support the maturation of these newly identified leads, which may play an important role in unlocking the commerciality of the permit.'
VIC/P79 covers an area of 2,576 km2 within the offshore Otway Basin and contains the highly prospective Essington Prospect (formerly Vanguard), located adjacent to the largest gas fields in the basin, including Geographe and Thylacine (Figure 1). The La Bella gas discovery lies along the northeast margin of the permit, up-dip from amplitude supported leads Defiance and Trident.
On 21 October 2022 TDO announced the signing of a Joint Operating Agreement ('JOA') for the farmout of an 80% interest in VIC/P79 to ConocoPhillips Australia SH2 Pty Ltd. TDO retains 20% participating interest and operatorship will be transferred to ConocoPhillips Australia upon final regulatory approval, anticipated in Q1 2023.
Leads and Prospects Update
On 8 June 2022, TDO released a market update delineating two relatively low risk, near-field, amplitude supported leads immediately down-dip from the La Bella gas discovery, Defiance and Trident. Since then, TDO has completed 3D seismic interpretation over the La Bella 3D, which covers a full-fold area of ~887 km2. A full leads and prospects inventory is now available for southern VIC/P79 that includes 6 high impact leads and prospects, many showing geophysical indications of hydrocarbons in the form of amplitude conformance with structure and/or flat spots.
Beach Energy and Cooper Energy have reported world class success rates drilling amplitude supported prospects in the offshore Otway Basin, with reported success rates of 100%1,2 respectively within permits located adjacent to VIC/P79.
Prospect scale seismic interpretation, structural mapping and ongoing depth conversion of the La Bella 3D has permitted an upgrade to the prospective resources at existing leads and prospects, including Essington (Figure 2), in combination with the provision of prospective resource estimates for newly identified leads. The P90, P50 and P10 prospective resource estimates for the portfolio are provided in Tables 1 and 2 at the end of the release and are constrained by geophysical indicators for hydrocarbons, where present, such as amplitude conformance with depth closure and flat spots. A stratigraphic column of the Shipwreck Group is provided in Appendix 1.
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Source: 3D Oil
