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3D Oil begins gas hunt in offshore Otway Basin

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3D Oil Limited (ASX:TDO) has contracted the Polarcus Asima to acquire the Flanagan 3D seismic survey in its T/49P Permit in the Otway Basin, offshore eastern Australia.

The Flanagan survey is designed to mature a number of leads in northern part of the block.

These are located adjacent to the neighbouring Thylacine and Geographe gas fields, which have a combined gas in place of over 2 trillion cubic feet of gas.

Of particular note are the Whalebone and Flanagan leads which have a combined best estimate Prospective Resource of 7.8Tcf.

The Asima is a high-specification vessel and acquisition is expected to commence during November 2014.

The mobilisation cost of the Asima will be shared with Origin Energy (ASX:ORG) who will record a separate survey with the vessel prior to TDO.

TDO is operator of T/49P with Beach Energy (ASX: BPT) holding the remaining 20% interest.

The Environment Plan was approved by NOPSEMA on 30 July 2014 giving TDO an approved window of 1 November to 31 December 2014.

T/49P covers an area of 4,960 square kilometres in water depths generally no greater than 100 metres. The permit is lightly explored covered by sparse 2D seismic data and has had only two exploration wells drilled, in 1967 and 1970.

TDO has also undertaken and a source generation and migration study which indicates a significant charge kitchen to the west.

To date at least 10 leads have been identified from mapping of the existing 2D seismic data, ranging from medium to large structures, and the combined prospective gas in place for these leads is 20Tcf.


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