Offshore staff
MELBOURNE, Australia – 3D Oil has executed a farm-out agreement that gives ConocoPhillips a 75% operated interest in the T/49P exploration permit in the Otway basin offshore Tasmania.
Pending government approvals, the two companies expect to sign a joint operating agreement.
The permit is adjacent to the producing Thylacine and Geographe gas fields operated by Beach Energy.
ConocoPhillips has agreed to pay 3D Oil A$5 million ($3 million) to cover previous costs on the permit, and the company will also acquire 1,580 sq km (610 sq mi) of 3D seismic later this year, at no cost to 3D Oil.
Depending on results from the processed data, ConocoPhillips Australia may opt to drill an exploration well, carrying 3D Oil for up to the first $30 million of costs.
Based on existing 2D and 3D data various leads and prospects have been identified within the Thylacine Member, including Flanagan, Munro, British Admiral, Whistler Point and Seal Rocks.
The Harbinger lead defined within the Paaratte formation exhibits a strong Class III AVO response.
01/31/2020
