3D Energi Flags Probable Multi-Zone Gas Find at Charlemont-1 in Otway Basin

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

3D Energi has reported that its Charlemont-1 exploration/appraisal well in the offshore Otway Basin has intersected probable gas across multiple stacked Waarre sandstone reservoirs (C, B and A) within the VIC/P79 permit. Elevated gas and resistivity readings suggest hydrocarbon presence, including in the Waarre C zone where hydrocarbons were not originally expected, although higher-than-anticipated formation pressures forced drilling to stop before the planned total depth. The company and its partners are now evaluating options for further wireline logging to assess the quality, extent and connectivity of these zones, with management indicating that confirmation of significant gas volumes could materially de-risk a chain of up-dip prospects along the Charlemont Trend and potentially underpin one of the largest gas pool clusters in the Otway Basin, enhancing the project’s strategic significance for all joint venture stakeholders.

The most recent analyst rating on (AU:TDO) stock is a Hold with a A$0.14 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 (ASX:TDO) is an Australian oil and gas explorer focused on offshore gas prospects in the Otway Basin, particularly within the VIC/P79 exploration permit offshore Victoria. The company participates in joint ventures alongside major partners, including ConocoPhillips Australia as operator and Korea National Oil Company, targeting gas resources that could supply regional energy markets.

Average Trading Volume: 2,034,257

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$86.5M

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