VIC/P74 is located along the margin of the Southern Terrace within the prolific Gippsland Basin, adjacent to Kingfish field, the largest offshore oil discovery in Australia. The permit is well placed to address the predicted East Coast Gas supply shortfall in the mid-2020s, with 1.9Tcf (Best Estimate Prospective Resource) identified during the Primary Term (Years 1-3).
The permit covers an area of 1,006 sq. km and was awarded 100% to 3D Oil on 26/07/2019 after a successful bid in the 2018 Offshore Acreage Release. 3D Oil subsequently farmed out 50% equity to Hibiscus Petroleum in October 2020.
The Joint Venture has identified four key exploration targets within the Golden Beach Subgroup reservoir, which hosts the Omeo gas condensate discovery within the permit. Additional prospectivity has also been identified within the deeper Emperor Subgroup at 2 leads. The leads have been evaluated with ~1000 sq. km of the state-of-the-art CGG Gippsland ReGeneration 3D seismic reprocessing, significantly improving subsurface imaging and velocity constraints within the permit.
The largest lead is Bigfin, a faulted anticline at the top Golden Beach Subgroup in the north-east corner of the permit, having a maximum areal closure of 28 sq. km and up to 230m vertical relief. The structure has a Best Estimate recoverable volume of 502bcf (in-permit).
The Joint Venture seeks a farminee to fund work commitments in the Secondary Term, including the purchase/acquisition of 200 sq. km 3D seismic (Year 4) and one (1) exploration well (Year 6). The permit will enter the Secondary Term (Years 4-6) on 26/07/2022. The multi-client Gippsland 3D MSS covers Bigfin Lead and can be purchased in fulfilment of the Year 4 work commitment.