Key Points:  

• T/49P suspension and extension of committed work program granted
• International marketing of T/49P farmout T/49P: 3D Oil 70% and operator

ASX-listed 3D Oil has advised that, as foreshadowed in its recent ASX Quarterly Report, the National Offshore Petroleum Title Administrator (‘NOPTA’) has granted a 9 month Suspension and Extension for Year 3 of the T/49P exploration permit in the Otway Basin offshore western Tasmania.  This additional period of tenure will allow 3D Oil and its joint venturer Beach Energy sufficient time to undertake further seismic interpretation in this highly prospective area and provides the opportunity to continue its discussions with potential farmin partners to fund the large Flanagan gas prospect.   

The joint venture invested over $11 million to acquire the 974 sq km Flanagan 3D seismic survey in November and December 2014 and these data have identified the Flanagan Prospect as our primary drilling target. The extension will allow TDO and its partner Beach up to first quarter 2018 to drill the Flanagan well.

3D Oil estimates Flanagan has a P50 Prospective Resource of 1.38 TCF of gas (Best Estimate) and the feature exhibits seismic amplitude anomalies in key zones analogous to the nearby producing Thylacine and Geographe gas fields.   

3D Oil is undertaking an international marketing effort to secure the significant investment necessary to fund the next stage of exploration in T/49P. The extension is likely to be seen as positive by potential farminees who will have more time to consider the opportunity and if a farmin is secured plan and execute future work programs.

For more information, please visit : http://www.3doil.com.au