Australia’s 3D Oil has commenced a farm-out process for its Otway Basin permit T/49P, offshore Tasmania.
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Image from 3D Oil. |
In T/49P, 3D Oil is the operator and holds 70% interest, along with joint venture partner Beach Energy (30%).
T/49P is located immediately southeast of the largest producing gas field in the Otway Basin and contains a number of prospective features for gas exploration, according to the company. It covers an area of 4960sq km in about 100m water depth.
The north of the permit is now covered by 974sq km of modern 3D seismic, while the area to the south remains lightly explored covered by a broad grid of 2D seismic data of varying vintages.
The permit is now in Year 3 having met the Year 2 permit commitment with the acquisition and processing of the Flanagan 3D seismic survey. An application for suspension and extension of Year 3 to allow finalization of permit mapping has been submitted to NOPTA, 3D Oil said.
3D Oil's estimate for prospective resources in T/49P is 6.82 Tcf (best estimate) with the Flanagan Prospect alone 1.38 Tcf (best estimate). The Flanagan feature is defined on state-of-the-art 3D seismic and represents an exciting ready-to-drill prospect which is considered to be an analogue, albeit larger, to the adjacent Thylacine gas field.
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