JV partner 3D Oil has announced that ConocoPhillips Australia has issued a Letter of Award securing the Transocean Equinox drilling rig for an exploration drilling program in exploration permits VIC/P79 and T/49P in the Otway Basin. ConocoPhillips Australia is the Operator of the two exploration permits in which 3D Oil has a 20% interest in both.
Highlights
- ConocoPhillips Australia has issued a Letter of Award for the Transocean Equinox semi-submersible rig to drill two (2) firm exploration wells.
- The Letter of Award allows for two (2) firm wells with an additional 120 days of optional drilling.
- Timing of exploratory drilling is dependent on rig availability. Currently the rig is expected to arrive in the first quarter of 2025.
About the Otway Exploration Drilling Program
ConocoPhillips Australia, as the operator of the VIC/P79 and T/49P joint ventures with 3D Oil, has commenced preparation of an Environment Plan ('EP') that will seek approval for this exploration program. The EP proposes 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.
Drilling commencement is dependent on regulatory approvals from the National Offshore Petroleum Safety and Environmental Management Authority ('NOPSEMA'). The Environmental Plan is currently planned to be submitted to NOPSEMA in 2023. The latest finish date for the exploration drilling campaign proposed in the EP is 31 December 2028.
The Letter of Award allows for two (2) firm wells with an additional 120 days of optional drilling.
The Transocean Equinox is a harsh-environment, semi-submersible that is well suited to operating in locations such as the Otway Basin.
Closing Comments
3D Oil is very pleased to progress toward drilling in 2025. ConocoPhillips Australia continues to mature an exciting and highly prospective portfolio of drill targets that could be rapidly commercialised by the JV in the event of a discovery. The drilling of two exploration wells with limited financial exposure to 3D Oil could be a transformational event for the company. This is an important step in 3D Oil’s ambition to be a significant East Coast gas producer.
Source: 3D Oil
