3D Oil Completes Estimate of the VIC/P74 Prospective Resources

Source: www.gulfoilandgas.com 2/16/2021, Location: Not categorized

- A series of Leads with a total Best Estimate Prospective Resource of 370 MMboe have been delineated by interpretation of newly reprocessed seismic data and the completion of detailed depth conversion studies.

- The largest is the Bigfin Lead which is hosted within the Lower Latrobe Group and has a Best Estimate Prospective Resource of 502 Bcf and 19 MMbbls of condensate. Bigfin is located approx. 8 km West of the Kingfish Oil Field which has produced over 1 billion bbls to date.

- An additional three Leads also hosted by the Lower Latrobe Group have a total Best Estimate Prospective Resource of 785 Bcf gas.

- Two of these Leadsare also considered prospective for oil within the Upper Latrobe Group with a combined Best Estimate Prospective Resourceof 98 MMbbls.

3D Oil (TDO) has completed an estimate of the Prospective Resources for Leads and Prospects within the VIC/P74 exploration permit. TDO is operator (50%) of the Joint Venture 'JV' with its partner Carnarvon Hibiscus, an indirect wholly owned subsidiary of Hibiscus Petroleum Berhad 'CHPL'. 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.

VIC/P74 covers an area of 1,006km2 in water depths generally no greater than 80m. Most of the permit is covered by ~1000km2of 3D seismic data which was recently reprocessed by seismic company CGG. The permit contains numerous oil and gas shows and the Omeo gas-condensate discovery.

Since licensing of the seismic reprocessing from CGG, TDO has 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. Two of these Leads are considered to host additional oil potential within reservoirs of the upper Latrobe group.

Bigfin Lead

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 29km2 and a vertical relief of up to 230m. The structure is located in shallow water (~80m), drilling depths of ~2950m 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 permit).

The structure was tested in 1969 by Gurnard-1 which recovered oil from formation water in the F.longus reservoir of the Upper Latrobe group. The well did not intersect the underlying Golden Beach section, which TDO estimates could hold up to783 Bcf and 38.6 MMbbls in the high estimate. These resources are likely to be hosted by coastal plain sands and are interpreted to be sealed by Campanian volcanics which are proven to form a competent seal at analogous producing fields, including; Kipper and Manta. Volcanics have been intersected at the top Golden Beach in local wells that tested the formation, including the Omeo wells, Speke 1, and Melville 1. The structure relies on cross-fault seal with the F.longus lower coastal plain, consisting of interbedded shales, siltstones and coals.

In conjunction with the Joint Ventures’ other Leads and Prospects in the Gippsland Basin, as well as those in the Otway Basin, Bigfin forms an important component of 3D Oil’s south-east Australian gas strategy which continues to accumulate high potential gas targets capable of providing resources to Australia’s domestic market.Natural gas forms an important component of Australia’s energy mix due to itsrole in both a low carbon future and the federal government’s ‘gas-fired’ recovery from the coronavirus pandemic.

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 condensate.

Two of these leads, Oarfish and Megatooth also contain oil potential within high quality sands of the Upper Latrobe Group. Megatooth is a fault dependent closure with well-developed sands at the top F.longus interval, while Oarfish is a three-way fault dependent closure at Top Latrobe, L.balmei, and F.longus reservoirs. Together these have a total Best Estimate prospective resource of 98 MMbbls.

Based on the Joint Venture’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. The objective will be to better image components of the Bigfin structure that are not covered by available 3D seismic data, and possibly improve the potential for AVO analysis and detection of Direct Hydrocarbon Indicators (DHI). This should allow the JV to mature Bigfin from Lead to Prospect status.

TDO and Hibiscus is now well positioned to farm out a large interest in VIC/P74. The Company now intends to utilise the positive results of the CGG reprocessed seismic data and this compelling resource assessment, to attract the best possible farm-in terms for future exploration drilling and seismic acquisition in this highly prospective gas exploration area.

Potential farmout discussions continue under Confidentiality Agreements.

For full details of this upstream farm-in opportunity, see our premium subscriber service energy-pedia opportunities, which contains details of 371 current worldwide upstream opportunities, details of all current and past licensing rounds and 2758 company profiles.


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