3D Energi Limited (ASX: TDO) has announced that the Environment Plan (EP) for its Otway Exploration Drilling Program (OEDP) has been accepted by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA). The EP covers up to six exploration wells across the VIC/P79 and T/49P permits in offshore Commonwealth waters. ConocoPhillips Australia (COPA), 3D Energi’s joint venture partner and operator, will manage the drilling program.
The first phase of the program is scheduled to begin in 2025 with two firm wells. 3D Energi is carried for up to US$65 million in gross drilling costs by COPA for this phase, with final well locations yet to be determined as data interpretation is ongoing.
Executive Chairman Noel Newell emphasised the importance of this regulatory milestone, noting the extensive stakeholder consultation and technical assessment required to obtain approval. The drilling campaign will be conducted using the Transocean Equinox rig and aims to identify new gas reserves in the Otway Basin. With declining gas production from the Bass Strait, the project is considered strategically important for supporting the energy needs of Australia’s east coast. The exploration program is targeting low-risk gas prospects with Direct Hydrocarbon Indications (DHIs), leveraging the Otway Basin’s history of successful exploration.
With the acceptance of the Environment Plan, 3D Energi will now focus on obtaining the required Well Operations and Safety Approvals from NOPSEMA, including the submission and review of the Well Operations Management Plan (WOMP) and Safety Case Revision.
The company states that it is the only ASX-listed micro-cap oil and gas explorer currently involved in offshore exploration drilling in Australia. The Otway Exploration Drilling Program represents a significant opportunity for the company as it seeks to expand its role in securing future gas supplies for the east coast market.
