3D Oil Ltd (ASX:TDO) executive chairman Noel Newell will present its oil & gas strategy, targeting a combination of favourable technical and commercial niche positions in eastern Australia at a Proactive webinar tomorrow, July 14.
The formation of the company was initially motivated by a focus on the Gippsland Basin, which has been one of the most prolific oil and gas producing regions in Australia.
3D oil has interests in exploration permits in the offshore Gippsland and Otway Basins of southeast Australia, as well as the ‘significant’ new petroleum province within the Bedout Sub-basin of the North West Shelf in Western Australia.
The National Offshore Petroleum Titles Authority (NOPTA) recently approved the transfer of title of an 80% equity in the T/49P exploration permit to ConocoPhillips Australia (NYSE:COP), which completed the farm-out transaction.
3D Oil is set to receive a cash payment of $5 million within two weeks of the approval date (June 11).
ConocoPhillips will undertake the acquisition of a 3D seismic survey of not less than 1580 square kilometres within the permit to which the company will make no financial contribution.
Upon completion of the acquisition, processing and interpretation of the 3D seismic survey, ConocoPhillips may elect to drill an exploration well which will fulfil the current year-6 work program.
If this occurs, the company will be carried for up to US$30 million in drilling costs after which it will contribute 20% of drilling costs in line with its interest in the permit.
3D Oil received approval for a 21-month suspension and extension (S&E) of the primary work program at the WA-527-P exploration permit in the Bedout Sub-basin during the March quarter.
The remaining item of the primary work program includes the acquisition and processing of a minimum 510 square kilometres of seismic data.
TDO had sought the S&E due to limited seismic vessel availability forecast for the original acquisition period of Q1 CY2020 and delays with the award of the environmental approval of the activity.
The S&E will allow the company to acquire and process the Sauropod survey in the next available window of Q1 2021.
Proactive webinar details
- When: Tuesday, July 14
- Time: 12 noon AEST (Sydney time, 10am WST (Perth)
- To register: please follow this link
A confirmation email will contain the link to join, where you will then be able to view the live webinar.
Please forward any questions to John Phillips at [email protected]