Thursday 12 August 2021

ConocoPhillips Australia, as operator of the T/49P joint venture, is to commence acquisition of approximately 2500 km2 3D seismic data using the Shearwater vessel the Geo Coral.

• 3D Oil to make no financial contribution to the acquisition in accordance with the Farmout Agreement.

• 3D seismic acquisition to help high-grade gas prospects for potential drilling (TDO to be carried by ConocoPhillips Australia for up to US$30 million drilling costs).

3D Oil Limited (ASX: TDO) is pleased to announce that ConocoPhillips Australia SH1 Pty Ltd (“ConocoPhillips Australia”) as operator of the T/49P joint venture with TDO’s wholly owned subsidiary, 3D Oil T49P Pty Ltd (the “Company”), will shortly commence acquisition of the Sequoia MSS 3D seismic survey using the Shearwater vessel the Geo Coral.

The survey is planned to cover an area of approximately 2500 km2 with the acquisition estimated to take approximately 60 days between the middle of August and the end of October 2021.ConocoPhillips Australia is the operator of the T/49P joint venture with an 80% interest in the T/49P Permit and the Company with a 20% interest.

The commencement of the seismic acquisition follows the acceptance of the Environmental Plan submitted by ConocoPhillips Australia to NOPSEMA (National Offshore Petroleum Safety and Environmental Management Authority).

Under the terms of the Farmout Agreement, ConocoPhillips Australia was to acquire a minimum of 1580 km2 of 3D seismic at no expense to the Company (TDO ASX Announcement, 11 June 2020). The proposed increase in size of the acquisition area will provide coverage of all leads within the T/49P Permit and tie in with the previously acquired Flanagan 3D seismic survey.

Upon completion of the acquisition, processing and interpretation of the 3D seismic survey, the T/49P joint venture will high grade prospects for potential drilling. The Company will be carried for up to US$30 million in drilling costs by ConocoPhillips Australia after which it will contribute 20% of any drilling costs in line with its interest in the T/49P Permit.

TDO’s Executive Chairman, Noel Newell, commented “This a key milestone for the company in the realisation of the significant gas potential of T/49P. I am very proud of the team at 3D Oil as this event follows a tremendous amount of work and innovation.”