3D Energi Limited (TDO) announced that Korea National Oil Corporation (KNOC) will join the joint ventures with 3D Energi and ConocoPhillips Australia (COPA) in the Otway exploration permits VIC/P79 and T/49P, pending regulatory approvals. KNOC will acquire a 29% interest in both permits following a farm-down from COPA, who will retain a 51% interest and operatorship. 3D Energi will maintain its 20% participating interest.
The entry of KNOC is subject to Foreign Investment Review Board (FIRB) and other regulatory approvals. COPA’s obligations under existing farmout agreements remain unchanged, including a carry of up to US$65 million in gross drilling costs. This development is viewed positively by 3D Energi, whose Executive Chairman, Noel Newell, believes it validates the exceptional prospectivity of the permits and their commercial potential. KNOC’s participation bolsters the exploration program with their investment and expertise, aligning with the venture’s goal of supplying domestic gas to Australia’s east coast. The Otway Basin exploration drilling program will benefit from KNOC’s global experience and integrated oil and gas operations.
