VIC/P74 is located along the Southern Terrace of the prolific Gippsland Basin, adjacent to Kingfish field, the largest offshore oil discovery in Australia. The permit was awarded 100% to 3D Oil in the 2018 Offshore Acreage Release and covers an area of 1,006 km2. 3D Oil 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. Leads have been evaluated with ~1000 km2 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 28km2 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 towards maturing a drill ready prospect, including the purchase/acquisition of new 3D seismic.