ConocoPhillips may have discovered one of the largest gas deposits in the Otway Basin off western Victoria. This is according to early results from the Charlemont-1 exploration well, as reported by junior partner 3D Energi. 3D Energi executive chairman Noel Newell expressed considerable enthusiasm regarding the initial indications from the well. 3D Energi is an Australian energy company focused on identifying and developing prospective offshore gas resources. The company aims to increase Australia’s gas supply through exploration and strategic partnerships.
The Charlemont-1 well encountered gas at a shallower level than anticipated. Drilling will cease before reaching its planned total depth due to increasing pressure within the system. Newell indicated that further analysis is necessary to fully assess the gas and determine the size of the deposit. He added that the company “remains optimistic” as it prepares to evaluate the discovery.
According to Newell, successful appraisal could position this cluster among the largest gas pools in the Otway Basin. This development follows an initial gas discovery in November from the first well in the exploration campaign, which has raised hopes for a prompt development that could alleviate the tightening gas supply demand balance in Victoria.
Shortly before midday, shares in 3D Energi experienced a rise of 1.6 per cent, reaching 15.75 cents. Investors are keenly watching for further updates on the appraisal of the gas find and its potential impact on Victoria’s energy market.
