Australia's 3D Oil Ltd. announced Wednesday that it has contracted the Polarcus Asima to acquire the Flanagan 3D seismic survey in the T/49P Permit offshore in the Otway Basin, offshore Tasmania, Australia. The Asima is a modern high-specification vessel and acquisition is expected to commence during November. The mobilization cost of the Asima will be shared with Origin Energy who will record a separate survey with the vessel prior to TDO. TDO is operator of T/49P with Beach Energy holding the remaining 20 percent interest.
Around 291 square miles (755 square kilometers) of 3D seismic acquisition is the main permit commitment and is scheduled for the current Year 2. The Environment Plan was approved by NOPSEMA on July 30 giving 3D Oil an approved window of Nov. 1 to Dec. 31.
T/49P 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 exploration wells drilled in 1967 and 1970.
The Flanagan survey is designed to mature a number of leads in northern part of the block which are located adjacent to the neighboring Thylacine and Geographe gas fields which have a combined gas in place (GIP) of over 2 trillion cubic feet (Tcf). Of particular note are the Whalebone and Flanagan leads which have a combined best estimate Prospective Resource of 7.8 Tcf GIP.
Since acquiring the permit in May 2013 3D Oil has continue to expand its assessment of the prospectivity. This work has only enhanced the Company's view that the permit potentially contains significant gas volumes.
The company has undertaken data processing and a detailed remapping of the pre-existing 2D seismic data set to constrain and improve the definition of the existing leads. The company has also undertaken and a source generation and migration study which indicates a significant charge kitchen to the west which 3D Oil interprets alslo sourced the gas in both Thylacine and Geographe.
To date at least 10 leads have been identified from mapping of the existing 2D seismic data. These range from medium to large structures by world standards. The combined prospective gas in place for these leads is in the order of 20 Tcf.
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