Completion of the $27.5-million transaction is subject to regulatory approval and finalization/approval of pre-front-end engineering and design (FEED).
VIC/RL3 contains the undeveloped Sole gas field, 65 km (40.4 mi) from Orbost which is connected to the Victorian and New South Wales gas markets via the Eastern Gas pipeline.
Current pre-FEED work for Sole is due to finish in April, with full FEED likely to be completed during the first half of 2016, followed soon afterward by a final investment decision. The partners plan a development to supply gas to eastern Australia from late 2018/early 2019.
Close to Sole, work continues on a business case for development of the Basker Manta Gummy (BMG) fields’ gas and liquids resource in the VIC/L26-28 offshore concession.
This work, which includes interpretation and depth conversion of reprocessed 3D seismic over the fields, is designed to identify the optimum development plan, and is expected to be completed in June, Cooper says. There could be a need for appraisal drilling in 2016.