ConocoPhillips Australia and its joint venture partner, 3D Oil Ltd., Melbourne, contracted Shearwater Geoservices to run a 3D seismic survey over permit T/49P in the Tasmanian sector of the offshore Otway basin.
The survey, to be conducted by the Geo Coral vessel, will cover 2,700 sq km. It is scheduled to take 60 days beginning in August.
The seismic program is being undertaken by ConocoPhillips at no cost to 3D Oil as part of ConocoPhillips’ December 2019 farm-in arrangements to earn 80% interest and operatorship in the permit (OGJ Online, Dec. 18, 2019).
The terms originally called for a minimum seismic coverage of 1,580 sq km. The increase in size of the acquisition area will provide coverage of all leads within the permit and tie in with the previously acquired Flanagan 3D survey.
On completion of the acquisition, processing and interpretation, ConocoPhillips may elect to drill an exploration well that will fulfil the current Year 6 work program obligation for T/49P, 3D Oil said.
If ConocoPhillips does drill the well, 3D Oil will be carried up to $30 million in drilling costs, after which it will contribute 20% of costs in line with its interests in the permit.