US major ConocoPhillips has farmed into a 75% interest in Tasmanian offshore Otway basin permit T/49P held by 3D Oil Ltd., Melbourne.
CP will pay 3D Oil A$5 million cash in back costs and will carry the company through a 1,580 sq km 3D seismic program across the permit planned for third-quarter 2020. CP also will carry all the drilling costs up to A$30 million if it elects to move into the next phase of the program.
CP recently sold all its northern Australian offshore assets to Santos for US$1.4 billion, but kept its non-operated interests in Australia Pacific LNG’s export project on Curtis Island in Queensland. It has now moved offshore Tasmania where there are still hopes for significant gas finds.
The planned 2020 Dorrigo seismic program is aimed at delineating targets on trend with the producing Thylacine and Geographe fields northwest of T/49P.
The program will be conducted about 18 km west of King Island in water depths of 100-840 m targeting leads in the central and southern parts of the permit. These include Harbinger, Whistler Point, and Seal Rocks.
A previous survey across the north of the permit funded by Beach Energy Ltd. confirmed the Flanagan prospect which has a best estimate potential resource of up to 1.4 tcf.
3D Oil will retain a 25% interest in the permit.