3D Oil has mostly dodged the gas price cap, reporting that its relevant projects are in the exploration phase of development.
Through its various joint ventures, 3D Oil has continued to mature its operations in the Otway Basin for onshore and offshore licenses in Victoria, South Australia and Tasmania.
Noel Newell, 3D’s Managing Director, said that the various actions taken by companies and the government have had little impact on 3D, as it currently operates in the exploration phase.
He added that the company has finalised the farm-out of an 80 per cent interest in Otway Basin licence VIC/P79. Pending regulatory approval, the area will fall until the joint venture between 3D and ConocoPhillips Australia.
The combination of VIC/P79 and T/49P represents the largest exploration area held by any company in the Otway Basin.
“If we include VIC/P74, the Company holds the largest exploration area in Bass Strait at 57 per cent of all exploration permits,” said Newell.
“[3D Oil] acknowledges the gas demand forecast by the Australian Energy Market Operator and its essential place in the evolving future energy mix, and aims to position the company as an energy provider into that market,” he said.
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