Gippsland Basin explorer attracts attention

3D web

BASS Strait-focused explorer 3D Oil has received positive reviews from industry analysts ahead of planned drilling in June.

The company is planning to drill the Sea Lion prospect in the Gippsland Basin’s VIC/P57 during the June quarter this year.

The prospect, on a proven oil-producing trend, adjacent to the West Seahorse discovery , contains an estimated 6.5mmbbls (million barrels) of recoverable oil.

Market research organisation StockAnalysis stated that “a combination of prominent mapped depth structure and the likely presence of thick high quality reservoir sands overlain by the regional seal [made] Sea Lion a good target”.

StockAnalysis also noted the prospectivity of 3D Oil’s joint venture with Beach Energy in T/49P within the southern Otway Basin, where the Whalebone and Flanagan leads had a combined best estimate prospective resource of 7.8 trillion cubic feet of gas in place.

“Discovery of 900bcf (billion cubic feet) of gas in T/49P is estimated to have a value of 77cps (cents per share) to 3D Oil, if it is able to retain a 24.5 per cent interest after farming down for drilling from its current 70 per cent holding,” StockAnalysis stated.

The joint venture partners will release the results of the Flanagan 3D survey by mid-2015.