3D Energi Limited is pleased to announce that the Transocean Equinox has arrived
in the Otway Basin ahead of the upcoming Otway Exploration Drilling Program (OEDP) in 2025 (Figure 1).
ConocoPhillips Australia (COPA) are Joint Venturers (and operators) of VIC/P79 and T/49P exploration permits in
offshore Commonwealth waters of the Otway Basin (Figure 2). TDO retains a 20% participating interest in both
permits.
Highlights
- Arrival in the Otway: The Transocean Equinox has safely and successfully arrived in the Otway
Basin.
- Rig Consortium: The Transocean Equinox has been commissioned for a consortium of
operators in Australian Waters.
- An exciting exploration program: Two firm exploration wells are to be drilled in 2025 (Phase
1), followed by up to four additional optional wells (Phase 2) between 2026-2028, across
exploration permits VIC/P79 and T/49P.
- Near-term drilling: The Joint Venture is scheduled to commence Phase 1 drilling in the third
quarter of 2025, pending weather and any operational delays within the consortium.
- Preparations nearing completion: Seabed surveys are scheduled to commence in
Commonwealth offshore permit area VIC/P79 in April 2025 ahead of exploration drilling.
- A critical gas project: the OEDP is critical to the future gas needs of southern Australia, given
rapidly declining production from Bass Strait and forecast shortfall risks under peak conditions
from 2028, and structural supply gaps from 2029
- Transforming TDO: Success in this program could establish 3D Energi as a key player in
meeting Victoria’s and the broader east coast’s future energy demands.
Executive Chairman’s Comments
Mr Noel Newell, Executive Chairman of 3D Energi, said today “The arrival of the drilling rig marks another step
towards unlocking significant gas resources in the offshore Otway Basin through the Otway Exploration Drilling
Program (OEDP). Operational sequencing with the consortium will see the Joint Venture commence its Phase 1
drilling campaign in 2025, with ConocoPhillips Australia (COPA) carrying up to US$65M in gross costs.
The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with Direct
Hydrocarbon Indications (DHI’s), situated proximal to infrastructure. Amid tightening gas supply, the arrival of
the Transocean Equinox reinforces the company’s role in meeting future energy demand and unlocking long-term
growth opportunities. Potential discoveries in this campaign could underpin many years of gas exploration in the
region, providing a long-term solution to the East Coast gas shortage.
The Transocean Equinox has arrived in the Otway for the OEDP
The state-of-the-art harsh weather semi-submersible drilling rig, Transocean Equinox, has arrived in the Otway
Basin. The rig is contracted for a minimum 16-well drilling campaign by through a consortium of four operators,
including ConocoPhillips Australia (COPA), 3D Energi’s Joint Venturer (JV) in the Otway.
Current scheduling within the consortium has the Joint Venture commencing its OEDP Phase 1 drilling campaign
in the third quarter of 2025. Exact timing depends on several factors, including receipt of all relevant regulatory
approvals, and any operational delays, such as weather downtime, for consortium members drilling ahead of the
Joint Venture.
About the Otway Exploration Drilling Program (OEDP)
The Environment Plan (EP) for the OEDP was accepted by Australia’s independent regulator, the National
Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) on 28 February 2025 (refer
to ASX release 3 March 2025), marking a significant milestone for the JV.
The EP proposes the drilling of up to six exploration wells in water depths ranging from 53-200 metres across the
VIC/P79 and T/49P exploration permits, located in Commonwealth waters offshore of Victoria and Tasmania
(Figure 2). The OEDP will be completed in two phases. Two firm wells have been contracted for Phase 1 (2025),
followed by up to four optional wells in Phase 2 (2026-2028).
TDO is carried by COPA for up to US$65M in gross drilling costs towards the two firm exploration wells (Phase 1).
Preparations for the Otway Exploration Drilling Program (OEDP)
After acceptance of the drilling EP by the regulator, the Joint Venture is scheduled to commence Seabed surveys
in Commonwealth offshore permit area VIC/P79 in April 2025. The seabed surveys are anticipated to take four
weeks to complete, ocean conditions permitting.
The final selection of well locations is yet to be confirmed pending the completion of subsurface 3D seismic
interpretation studies across VIC/P79 and T/49P exploration permits. Depending on the timing of this
interpretation, well locations will be assigned to the firm phase (Phase 1) of the program and the optional phase
(Phase 2) assessed for the program.
Preparations also continue towards obtaining Well Operations and Safety Approvals from NOPSEMA, which
involves the submission and review of the Well Operations Management Plan (WOMP) and the Safety Case
Revision. These critical documents outline the operational and safety protocols that will guide the drilling
program.
A pivotal gas project with the potential to transform TDO
The Otway Exploration Drilling Program aims to identify viable natural gas reserves to supply the East Coast
market and support Australia’s current and future energy needs, ensuring reliable power generation, industrial
processes, and residential heating.
With declining production from the Bass Strait gas fields and an ongoing east coast energy crisis, this program is
increasingly critical for maintaining gas supply to Victoria and the broader region. The 2025 Gas Statement of
Opportunities projects peak-day shortfall risks from 2028 and structural supply gaps from 2029 in southern
Australia.
The exploration program focuses on low-risk gas prospects with Direct Hydrocarbon Indications (DHIs) in the
offshore Otway Basin, an area with a strong track record of successful discoveries from similar prospects.
Proximity to existing infrastructure and the east coast gas market further enhances the commercial viability of
potential finds.
Success in this program could establish 3D Energi as a key player in meeting Victoria’s and the broader east
coast’s future energy demands.
This announcement is authorised for release by the Board of Directors of 3D Energi Limited.