3D Oil Limited ("TDO") advises that its Bass Basin seismic survey concluded on Sunday 4 May.
Acquisition progress was excellent and there was no weather down-time during the program.
The 2200 km survey has been completed well ahead of schedule and under budget. 3D Oil Limited holds 100% of T41/P which covers an area of 2805 square km in water depths generally less than 80 meters. The T41/P permit is in a very lightly explored part of the Bass Basin with considerable exploration potential.
Exploration activity in the basin has had a recent resurgence and is now fully permitted. Four seismic surveys are being recorded in the basin this year and 13 exploration wells will be drilled over the next three years. This represents the first concerted exploration efforts in the basin with the benefit of modern, high quality data and has the potential to transform into an emerging petroleum province.
3D Oil Limited's new seismic data has been concentrated in the SW of the permit, where previous mapping has identified four leads. The only well in the permit, Chat-1 (1986), drilled into a breached trap but encountered several hundred meters of residual hydrocarbon shows, confirming the presence of a working source kitchen. The leads are all located in a good location to receive hydrocarbon charge. Mapping of the new data will be used to mature the leads into drillable prospects, which will be candidates for future drilling.
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