3D Oil gets exploration permit off Victoria
Sydney-listed 3D Oil has been awarded VIC/P79 exploration permit containing the Vanguard gas prospect, situated in the Otway basin offshore Australian state of Victoria, it said February 4.
Vanguard has a best estimate prospective resource of 161bn ft3 including multiple flatspots and amplitude anomalies, the company said.
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“An exploration well commitment during the first three years of the work program demonstrates the company’s high confidence in the potential of Vanguard and aligns with planned drilling activities in the basin,” 3D Oil said.
The work program for VIC/P79 was designed to exploit existing opportunity in the permit via one exploration well at Vanguard prospect in Permit Year 3, after the reprocessing, merging and interpretation of 630 km2 of existing 3D seismic data.
Reprocessed data will also support geological and geophysical studies of additional leads already identified, the company said. The secondary term will focus on adding additional value by exploring the large, underexplored region to the west. This will be achieved by acquiring and processing 1000 km2 of 3D seismic data in Permit Year 5 with the intention of searching for additional closures, 3D Oil said.