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The latest update is out from 3D Oil Limited ( (AU:TDO) ).
3D Energi Limited has reported an operational update from the Charlemont-1 gas exploration well in the offshore Otway Basin, where drilling encountered significant gas shows in the Waarre C formation about 160 metres above the primary Waarre A target. Higher-than-expected pressures at a depth of 2,552 metres have led operator ConocoPhillips Australia to temporarily pause drilling while it reassesses and potentially redesigns the well plan to safely continue towards the main reservoir target, a development that could enhance the prospectivity of the permit but also introduces technical and scheduling uncertainties for the joint venture partners, including 3D Energi’s 20% stake.
More about 3D Oil Limited
3D Energi Limited is a Melbourne-based oil and gas exploration company with high-impact projects focused on offshore Victoria and Western Australia, targeting hydrocarbon prospects in basins such as the Otway. The company participates in exploration permits alongside major partners, holding minority equity positions in joint ventures operated by larger international oil and gas companies.
Average Trading Volume: 1,731,860
Technical Sentiment Signal: Buy
Current Market Cap: A$68.15M
See more data about TDO stock on TipRanks’ Stock Analysis page.