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Gippsland Basin resource estimates promising: 3D Oil

Gippsland Basin image by 3D Oil

3D Oil has confirmed that additional prospectively within the VIC/P74 exploration permit, including prospective resource estimates its Oarfish and Megatooth leads, have been updated.

The company reported that additional gas prospectively has been recognised at Oarfish and Megatooth leads, within the Emperor Subgroup.

Oarfish is now the largest un-risked gas target in the permit, having a combined best estimate prospective resource of 544 Bcf gas; the lead is located along trend from the Omeo gas condensate discovery, reservoir within the same play.

Prospective resource estimates have also been upgraded for Megatooth, which now has an arithmetic total best estimate prospective resource of 465 Bcf gas.

The prospective resource estimates are based on information prepared by Dr David Briguglio, employed by 3D Oil as exploration manager and have been prepared by the company in accordance with the definitions and guidelines set forth in the Petroleum Resources Management System.

This permit is located along the southern terrace of the Gippsland Basin, adjacent to Kingfish Field: the largest offshore oil discovery in Australia, and covers 1,006 km2 in depths generally no greater than 80 m. 

3D Oil is a 50 per cent operator of the joint venture (JV) with partner Carnarvon Hibiscus – an indirect, wholly owned subsidiary of Hybiscus Petroleum Berhad. 

The next stage of exploration in VIC/P74 will involve acquisition of modern 3D seismic data to assist with maturing the best potential leads. 

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