Friday 4 February 2022

3D Oil has been awarded VIC/P79 exploration permit containing the Vanguard gas prospect, situated in the offshore Otway Basin adjacent the producing Geographe gas field.

• Vanguard has a best estimate prospective resource of 161 Bcf (in-permit), supported in part by Direct Hydrocarbon Indicators (DHIs), including multiple flatspots and amplitude anomalies.

• The Permit was awarded with a minimum work commitment that includes one exploration well, demonstrating 3D Oil’s high confidence in the prospect.

• The presence of DHIs on good quality 3D seismic, adjacent to surrounding gas fields, supports the shortening of the exploration time frame to drilling.

• The acquisition of VIC/P79 accelerates 3D Oil’s strategy to be a significant east coast gas producer and compliments our Otway Basin Joint Venture in T/49P with ConocoPhillips.

More