3D Oil Limited informed that the 3D Flanagan seismic survey, in the T/49P permit in the offshore Otway Basin, is now complete, within budget and without safety incident.
The 974 sq km Flanagan survey was completed by the vessel Polarcus Asima in just over one month of operations west of King Island.
TDO Managing Director Noel Newell commented: “We are very pleased with the conduct of the Flanagan survey which, despite some periods of challenging weather conditions, has been completed on schedule and within budget. TDO would like to thank the personnel on the Asima and all the dedicated and professional contractors and staff involved in making this a safe and successful operation. We now look forward to the next step in our quest to discover new gas resources from T/49P to supply the markets in eastern Australia.”
The seismic data recorded by the Asima will be processed by DownUnder GeoSolutions in Perth. Data processing will require several months to produce a data volume for interpretation by 3D Oil’s geoscientists.
Interpretation and assessment of the geology and prospectivity of the area will also likely require several months. As a result, TDO anticipates that results of the Flanagan survey will be available in mid-2015.
Pursuant to the Farm-in Agreement announced on 24 November 2014, the T/49P joint venture is now comprised of TDO at 70% and operator, and Beach Energy Limited at 30%.