3D Oil Ltd. (TDO) reported Thursday that the Flanagan seismic survey in the T/49P permit in the offshore Otway Basin, Australia is now complete, within budget and without safety incident.
The 376 square miles (974 square kilometers) Flanagan survey was completed by the vessel Polarcus Asima in just over one month of operations west of King Island.
TDO Managing Director Noel Hewell commented: “We are very pleased with the conduct of the Flanagan survey which, despite some periods of challenging weather conditions, has been completed on schedule and within budget. TDO would like to thank the personnel on the Asima and all the dedicated and professional contractors and staff involved in making this a safe and successful operation. We now look forward to the next step in our quest to discover new gas resources from T/49P to supply the markets in eastern Australia.”
The seismic data recorded by the Asima will be processed by DownUnder GeoSolutions in Perth. DownUnder has developed a worldwide reputation as a leading edge data processor. Data processing for modern 3D seismic is a highly sophisticated process which will require several months to produce data volume for interpretation by 3D Oil’s geoscientists. Interpretation and assessment of the geology and prospectivity of the area will also likely require several months. As a result, TDO anticipates that the results of the Flanagan survey will be available in mid-2015.
Pursuant to the Farmin Agreement announced on Nov. 24, the T/49P Joint Venture is now comprised of TDO at 70 percent and operator, and Beach Energy Ltd. at 30 percent.
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