3D Energi Confirms Second Gas Discovery in Otway Basin’s Charlemont Trend

An announcement from 3D Oil Limited ( (AU:TDO) ) is now available.

3D Energi Limited has announced a gas discovery at the Charlemont-1 exploration well in the offshore Otway Basin, where it holds a 20% interest in the VIC/P79 permit. The well encountered previously unanticipated gas in thin Waarre C sandstones, confirmed by a recovered gas sample with a CO2 concentration broadly in line with the nearby La Bella gas field, and preliminary data indicate probable hydrocarbons in the primary Waarre A target, although further petrophysical analysis is required. Charlemont-1 is the second gas discovery under the Otway Exploration Drilling Program, following the Essington find, and confirms gas charge at both ends of the Charlemont Trend, de-risking intervening prospects and underscoring the prospectivity of the Charlemont cluster near existing infrastructure; Phase 1 of the program is now complete with Charlemont-1 to be plugged and abandoned, while the commercial viability and potential development options of the new gas resources remain under evaluation.

The most recent analyst rating on (AU:TDO) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on 3D Oil Limited stock, see the AU:TDO Stock Forecast page.

More about 3D Oil Limited

3D Energi Limited is an Australian oil and gas exploration company listed on the ASX that focuses on offshore prospects, including the Otway Basin off the coast of Victoria, where it targets natural gas resources for the Australian domestic market through an infrastructure-led exploration strategy.

Average Trading Volume: 2,218,782

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$89.12M

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