The block covers the prospective Otway Basin adjacent to the producing Thylacine and Geographe fields which are part of the Otway Gas Project now 95% owned by Beach Energy post-Lattice acquisition. 

 

Beach reported last month that it is progressing to final investment decision for drilling Geographe-3, Thylacine North-1 and Thylacine West-1 wells as part of its 2019 financial year integrated Otway campaign. 

 

During the third quarter 3D made a formal request to the National Offshore Petroleum Titles Administrator (NOPTA) to vary the secondary work program for its T/49P block and swap the Year 5 exploration well with the Year 6 seismic acquisition after possible farminees suggested it was a more logical exploration program that provided a choice of drilling prospects. 

 

NOPTA accepted the request on October 16, though there are now some in the industry wondering if the worst might be true and every decision made by Barnaby Joyce as acting Resources Minister will be overturned. 

 

3D had earlier updated the assessment of the prospective resources within the block after ongoing permit-side technical studies. 

 

The company has upgraded its resource estimate and the combined best estimate prospective resource is now 10 trillion cubic feet of recoverable gas. 

 

The low estimate stands at 3.04Tcf and the high at 28.77Tcf; the best estimate for condensate is 110.85 million barrels. 

 

Meanwhile in the offshore Gippsland Basin 3D and joint venture partner Hibiscus Petroleum submitted an application to renew the permit beginning early next year. 

 

3D acts as technical adviser, with a 24.9% share and conducted a comprehensive prospectivity review that resulted in the maturation of the Felix and Pointer prospects and a series of Top Latrobe oil leads. 

 

The review aimed to establish the near term exploration strategy for permit renewal. 

 

Felix Prospect presents the lowest risk target with volumetric estimates suggesting a best estimate prospective resource of 24MMbbls of recoverable oil and Pointer being determined as the lowest risk gas target with BEPR at 250bcf of recoverable gas. 

 

The work program in the primary term of the renewal period will be designed to de-risk and high grade the prospect inventory to ultimately mature drill-ready prospects. 

 

Cash and cash equivalent stood at $1.9 million at the end of the third quarter.