3D Oil’s formation was motivated by an initial focus on the Gippsland Basin which has been one of the most prolific oil and gas producing region in Australia. The Company’s strategy is to target a combination of favourable technical and commercial considerations and exploit niche positions.
3D Oil currently has interests in exploration permits in the offshore Gippsland and Otway Basins of South East Australia.
3D Oil holds 24.9% of the highly prospective VIC/P57 exploration permit which contains the Sea Lion Prospect. Sea Lion contains Prospective Resources of 11 million barrels of oil (best estimate) and a well is currently planned for 2015 targeting this prospect. VICP/57 also contains the Felix Prospect which lies between Esso’s Moonfish and Wirrah oil fields. This prospect has potential to be large and more likely contain oil however as with Wirrah the geology is complex.
3D Oils focus on exploration on the South East coast of Australia has led to the recent award of the T/49P exploration permit in the highly prospective Otway Basin. A broad set of 2D data of varying vintages exists across the permit has allowed preliminary mapping of a number of large structures across the permit. A least 2 of these, Whalebone and Flanagan are large enough (on current mapping) to contain a combined volume of greater than 5 TCF of gas in place. Recent developments in the gas market on the south east coast of Australia has justified 3D Oil’s focus in this region.
The Company’s strategy is to target a combination of favourable technical and commercial considerations and exploit niche positions particularly in Eastern Australia.
3D Oil Limited was incorporated in July 2003 and listed on the Australian Stock Exchange (ASX) on 22nd May 2007.
The Company acquired a 100% interest in the Gippsland Basin Permit VIC/P57 in Bass Strait, through the gazettal process in April 2004. The Permit initially covered a 750 square kilometre area and after statutory relinquishments and the award of VIC/L31, now covers approximately 449 square kilometres. 3D Oil currently holds a 24.9% interest in VIC/P57.
A production licence VIC/L31 was granted over the West Seahorse discovery in 2013 and excised from the VIC/P57 exploration permit. The company initially held 49.9% of the VIC/L31 and in 2014 sold its remaining interest to its JV partner, Hibiscus Petroleum. The company no longer holds interest in the VIC/L31 permit and the West Seahorse development facilities.
Between June 2005 and June 2012 3D Oil held a 100% interest in the offshore Bass Basin permit T/41P. T/41P was relinquished in June 2012.
In May 2013 3D Oil was awarded the 4960 square kilometre exploration permit T/49P in the offshore Otway Basin as part of the 2012 Gazettal round. The Company undertook the acquisition of the 3D Flanagan Seismic Survey late in 2014 following the farmout of 30% equity to Beach Energy.
The company trades under the code TDO