3D Energi Advances Otway Basin Drilling with Charlemont-1 Gas Exploration Well

3D Oil Limited ( (AU:TDO) ) just unveiled an update.

3D Energi reported quarterly progress on its Australian exploration portfolio, highlighting activity in the offshore Otway Basin where it holds a 20% non-operated interest in the VIC/P79 and T/49P permits operated by ConocoPhillips Australia. These permits represent one of the largest exploration positions in Bass Strait, covering 7,265 square kilometres adjacent to the region’s major producing gas fields and forming the basis of the Otway Exploration Drilling Program.

During the quarter, drilling operations advanced with the Transocean Equinox rig mobilised to the Charlemont-1 exploration well in VIC/P79, the second well in the initial phase of the program following the Essington gas discovery. Charlemont-1 targeted the Charlemont B prospect about 55 kilometres offshore Port Campbell, a key prospect within a chain of structures between Charlemont B and the La Bella gas discovery, all of which exhibit similar geophysical signatures that could underpin future gas development options for the joint venture and enhance regional supply if successful.

More about 3D Oil Limited

3D Energi Limited is an Australian oil and gas exploration company with a portfolio focused on offshore basins and gas storage opportunities. Its key assets include non-operated interests in offshore exploration permits in the Otway Basin off Victoria and Tasmania, as well as projects on the Northwest Shelf and a gas storage exploration project in onshore South Australia.

Technical Sentiment Signal: Sell

Current Market Cap: A$41.94M

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