3D Oil announced Thursday that the sale of a 20 percent working interest in the T/49P exploration permit in Otway Basin, offshore Tasmania, Australia to Beach Energy Limited has now completed and the company has received the remaining $2.31 million (AUD 2.5 million) of the $2.77 million (AUD 3 million) purchase price.
The T/49P permit was previously held at a 100 percent equity interest by 3D Oil since it was acquired via government gazettal in April 2013. 3D Oil now retains an 80 percent interest and operatorship of the T/49P joint venture, with Beach Energy holding a 20 percent interest.
T/49P is considered 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 1,915 square miles (4,960 square kilometers) in water depths generally no greater than 328 feet (100 meters). 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 and Geographe gas fields which have a combined gas in place (GIP) of over 2 trillion cubic feet. Thylacine is the largest gas discovery in the Otway Basin.
The T/49P joint venture is planning to initiate its exploration program with the acquisition of at least 291 square miles (755 square kilometers) of 3D seismic. This Flanagan marine seismic survey is scheduled to be acquired late in 2014 subject to joint venture and regulatory approvals. This survey is the major commitment in the primary term of the permit.
The Company is currently in discussions with a range of further potential farminees to jointly explore T/49P.
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