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An announcement from 3D Oil Limited ( (AU:TDO) ) is now available.
3D Energi Limited announced a significant gas discovery at the Essington-1 well, marking the first such find in the Otway Basin since 2021. This discovery extends the proven gas fairway into VIC/P79 and aligns with the company’s strategy to address looming gas supply shortfalls in Australia’s east coast market. The Essington-1 well, strategically located near existing infrastructure, shows promising results with low CO₂ content and high liquids content, potentially reducing future processing requirements. The company is also preparing to spud the Charlemont-1 well, targeting substantial resource growth with a high chance of success, further strengthening its position in the market.
More about 3D Oil Limited
3D Energi Limited, trading as TDO on the ASX, operates in the energy sector, focusing on the exploration and development of natural gas resources. The company is actively engaged in the Otway Basin, Victoria, with a strategic emphasis on supplying the domestic east coast gas market amid anticipated supply shortfalls.
Average Trading Volume: 1,368,633
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$67.01M
Learn more about TDO stock on TipRanks’ Stock Analysis page.