3D Energi has released its quarterly activities report for the fourth quarter ending 30 June 2024.
A major highlight of the quarter is the mobilisation of the Transocean Equinox drilling rig to Australian waters, which marks a significant step forward in the company’s exploration activities.
This rig is scheduled to commence a 16-well drilling campaign in the Otway Basin during the first quarter of 2025, including two exploration wells for the 3D Energi and ConocoPhillips Australia (COPA) Joint Venture.
The company and COPA have renegotiated their farm-out obligations, allowing the US$30M T/49P well carry obligation to be applied either in T/49P or VIC/P79. Additionally, 3D Energi has entered into a gas sales Right of First Refusal Deed with COPA, further solidifying their partnership and future commercial prospects.
The company said significant progress was made in seismic interpretation and depth conversion of reservoir horizons across VIC/P79. This work is crucial for refining prospective resource estimates, which will inform future drilling locations and strategies.
The ongoing interpretation of the Sequoia 3D seismic survey is expected to enhance the understanding of T/49P’s potential.
The company received approval from National Offshore Petroleum Safety and Environmental Management Authority for a 2-year Environmental Plan to acquire the Sauropod 3D seismic survey. Efforts are ongoing to market this opportunity to potential partners, aiming to secure funding for the Sauropod 3D survey.
Noel Newell, Executive Chairman of 3D Energi, emphasised the critical importance of gas as an energy source amidst increasing demand and potential shortages.
“Gas has never been a more critical and relevant energy source than it is today. During the quarter, AEMO, the Australian Energy Market Operator, warned Victorians are at risk of running out of gas this winter as increased demand for gas to support intermittency of transitional energy, causes rapid gas storage drawdown amid falling temperatures,” he said.
“The ACCC also predicted east coast gas shortfalls could happen earlier than previously anticipated, calling for the urgent development of new sources of supply. 3D Energi aims to deliver gas into the east coast market, with Joint Venturer ConocoPhillips Australia (COPA), through low risk, high impact exploration proximal to the market and underutilized infrastructure.”
For detailed information, visit 3D Energi’s website.
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