Hibiscus Petroleum associate company 3D Oil Limited has been awarded by the National Offshore Petroleum Titles Administrator permit for in the offshore Otway Basin, referred to as V20-1 in the 2020 Offshore Petroleum Exploration Acreage Release.
The 2,576 km2 permit is located adjacent to the largest gas fields in the offshore Otway Basin, Thylacine and Geographe, and contains the highly prospective Vanguard Prospect. An exploration well commitment during its first three years of the work program demonstrates the Company’s high confidence in the potential of Vanguard and aligns with planned drilling activities in the basin.
The permit adds to an already strong portfolio of leads and prospects in the area that will likely further grow after the processing and interpretation of the seismic survey. Vanguard is an east-west trending tilted fault-block trap located on the eastern side of VIC/P79 approximately 5km northwest of Geographe Field, between the Geographe gas field and La Bella gas discovery. The seismic interpretation had shown the structure hosts reservoir
sands of the Shipwreck Group, which are likely to have good reservoir characteristics based on adjacent offset gas fields, Geographe and Thylacine.
Opportunity within the domestic gas market has been recognised by ConocoPhillips Australia which acquired 80% interest in 3D Oil’s T/49P exploration permit in 2020. Recently ConocoPhillips completed the acquisition of the Sequoia 3D MSS on behalf of the Joint Venture.