- 3D Oil (TDO) awarded exploration permit containing the Vanguard gas prospect, situated in the offshore Otway Basin off the coast of Victoria
- The company says Vanguard has a best estimate prospective resource of 161 billion cubic feet, supported in part by direct hydrocarbon indicators (DHI’s)
- The permit was awarded with a minimum work commitment that includes an exploration well which the company says demonstrates its confidence in the project
- The company also says prospective resource estimates at Vanguard indicate the prospect is a candidate for tie-in to existing infrastructure or standalone development
- Shares have been up 10.4 per cent, trading at 5.3 cents
3D Oil (TDO) has been awarded an exploration permit containing the Vanguard gas prospect, situated in the offshore Otway Basin off the coast of Victoria.
The basin is adjacent to the producing Geographe gas field.
3D Oil said Vanguard has a best estimate prospective resource of 161 billion cubic feet, supported in part by direct hydrocarbon indicators (DHI’s).
The presence of many flat spots and amplitude anomalies, according to the business, further supports the estimation.
The 2,576 sqkm permit was awarded a minimum work commitment that includes an exploration well, which the company said demonstrates its confidence in the project. It has committed three years for the well exploration.
In light of the presence of DHIs and the project’s location near adjacent gas fields, the company believes it may shorten the exploration time frame for drilling.
The company said prospective resource estimates at Vanguard indicate the prospect is a candidate for tie-in to existing infrastructure or standalone development.
The company also said a discovery at the Vanguard Prospect on the accelerated work program would represent opportune timing with respect to current gas market fundamentals as well as ongoing activities in the basin.
Shares were trading 10.4 per cent higher at 5.3 cents at 1:31 pm AEDT.