Beach Energy completes 3D Oil Farm-in

THE ROADHOUSE BOWSER: 3D Oil Limited (ASX: TDO) announced the completion of the sale of a 20 per cent working interest in the T/49P exploration permit to Beach Energy (ASX: BPT).

3D said it has now received the remaining $2.5 million of the of the $3 million purchase price.

The company explained the T/49P permit was previously held at a 100% equity interest by TDO since it was acquired via government gazettal in April 2013.

3D said it considers T/49P to be highly-prospective for gas and is located offshore in the Otway Basin in Tasmanian waters west of King Island proximal to existing offshore gas infrastructure.

The T/49P permit covers an area of 4,960 square kilometres in water depths generally no greater than 100 metres.

 

T/49P Leads and Thylacine and Geographe Fields. Source: Company announcement

 

The permit is lightly explored covered by a broad grid of 2D seismic data of varying vintages and has two early exploration wells.

The permit is adjacent to the Thylacine (the largest gas discovery in the Otway Basin) and Geographe gas fields which have a combined gas in place (GIP) of over 2 TCF.

3D Oil said the T/49P JV is planning to initiate its exploration program with the acquisition of at least 755sqkm of 3D seismic.

This Flanagan marine seismic survey is scheduled to be acquired late in 2014 subject to JV and regulatory approvals.

This survey is the major commitment in the primary term of the permit.

The company indicated it is currently in discussions with a range of further potential farminees to jointly explore T/49P.

Website: www.3doil.com.au