3D Energi Limited is pleased to announce that ConocoPhillips Australia (COPA) has contracted Anchor Handling Tug Supply Vessels (AHTSVs) for the upcoming Otway Exploration Drilling Program (OEDP) in 2025 (Figure 1). This contract is significant in that it is one of the largest contracts after the semisubmersible drilling rig Transocean Equinox. 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
鈥� COPA has contracted Anchor Handling Tug Supply Vessels (AHTSVs) for the upcoming 2025 Otway Exploration Drilling Program (OEDP).
鈥� Three (3) vessels will support the previously contracted drilling rig, Transocean Equinox, with mooring chains/anchor handling, rig positioning and supplies to the rig.
鈥� The contract allows for two (2) firm wells and an additional 120 optional days.
鈥� TDO is carried by COPA for up to US$65M in gross drilling costs towards the two firm exploration wells and AHTSVs are included in this carry.
Executive Chairman鈥檚 Comments
Mr Noel Newell, Executive Chairman of 3D Energi, said today 鈥�3D Energi is now poised to participate in one of the most exciting drilling programs in offshore Australia in many years; at a time when the East Coast is desperate for gas. The contracting of AHTSVs is significant in the context of the overall drilling program. AHTSVs are one of the more expensive and critical elements, with high demand and low availability. There is still much to achieve in a short amount of time as we rapidly close on 2025 and the drilling of two exciting gas prospects, but we will be reporting our ongoing activities to shareholders as we continue towards our emergence from explorer to potential producer. This drilling program provides a transformational opportunity for shareholders鈥�.
AHTSVs are a critical element for the upcoming OEDP
ConocoPhillips Australia (COPA) is progressing drilling procurement activities through the contracting of required Goods and Services, on behalf of the Joint Venture, in support of the upcoming 2025 Otway Exploration Drilling Program (OEDP).
Accordingly, COPA has contracted AHTSVs (Figure 1), a critical element for the drilling program and one of the largest contracts after the semi-submersible drilling rig Transocean Equinox. The contracts allow for two (2) firm wells and an additional 120 optional days.
Securing AHTSVs has been a strong priority for the Joint Venture due to their high demand and low availability. AHTSVs will perform a key role throughout the OEDP by assisting the Transocean Equinox with mooring chains and anchor handling, rig positioning and supplies to the rig.
About the Otway Exploration Drilling Program
The Joint Venture has previously signed a two-well drilling contract as part of a 2025 exploration drilling program (Phase 1), pending regulatory approval, with an additional 120 days of optional drilling (Phase 2) (TDO ASX release 12 July 2023). The contracted semi-submersible drilling rig, Transocean Equinox, recently mobilised to Australia for a five-well drilling contract and is currently expected to arrive in the Otway during the first quarter of 2025.
The drilling Environmental Plan (EP) is currently under assessment with the regulator, NOPSEMA (National Offshore Petroleum Safety and Environmental Management Authority). The EP proposes seabed surveys and the drilling of up to six exploration wells in exploration permits VIC/P79 and T/49P, located in Commonwealth waters offshore of Victoria and King Island, Tasmania (Figure 1).
Drilling locations for the two wells in Phase 1 of the drilling program are yet to be determined and will depend on the outcome of 3D seismic interpretation results in both VIC/P79 and T/49P. 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) of the program.