Australian oil company 3D Oil has identified four potential leads holding a best estimate prospective resource of 370 million barrels of oil equivalent in the Gippsland Basin.
3D Oil said that it completed an estimate of the prospective resources for leads and prospects within the VIC/P74 exploration permit .
3D Oil is the operator of the joint venture with its partner Carnarvon Hibiscus, a subsidiary of Hibiscus Petroleum – each holding 50 per cent. The permit is located along the southern terrace of the prolific Gippsland Basin, adjacent to Kingfish field, the largest ever offshore oil discovery in Australia.
The permit covers an area of 1,006 square kilometres in water depths generally no greater than 80 metres. Most of the permit is covered by around 1,000 square kilometres of 3D seismic data which was recently reprocessed by seismic company CGG.
Since the reprocessing, 3D Oil finalised seismic interpretation and depth conversion studies. Results have revealed the presence of at least four Leads considered prospective for gas-condensate within the Golden Beach of the lower Latrobe Group. 3D Oil estimates that the Golden Beach section could hold up to 783 Bcf and 38.6 mmbbls in the high estimate.
The largest of the identified Leads is Bigfin, a faulted anticline located in the north-east corner of the permit, adjacent to the world-class Kingfish oil field.
It has a potential areal closure of 29 square kilometres and a vertical relief of up to 230 metres. Drilling depths are around 2,950 metres and is located proximal to established production infrastructure at nearby Bream field. Bigfin has a best estimate gas volume of 534 Bcf (502 Bcf in the permit).
A series of three other leads also hosted by the Golden Beach including Stargazer, Oarfish, and Megatooth have an arithmetic total best estimate prospective resource of 785 Bcf and 27 mmbbls of condensate. Two of these leads, Oarfish and Megatooth also contain oil potential, together these have a total best estimate prospective resource of 98 mmbbls.
Based on the JV’s assessment to date, the Bigfin lead is likely to represent the highest priority exploration target. The next stage of exploration in VIC/P74 will involve either the planning and acquisition of modern 3D seismic or the purchase of multi-client seismic data.
3D Oil added that the joint venture is now looking to attract the best possible farm-in partner for future exploration drilling and seismic acquisition in the license.
It is worth reminding that Australia’s National Offshore Petroleum Title Administrator (NOPTA) awarded the VIC/P74 permit to 3D Oil back in July 2019.