On 11 June 2020 3D Oil Ltd reported that, through its wholly owned subsidiary 3D Oil T49P Pty Ltd, it had completed the Farm Out Agreement (FOA) of exploration permit T/49P, located in the Otway Basin, to ConocoPhillips Australia SH1 Pty Ltd (COP), a subsidiary of ConocoPhillips Company. Completion of the deal follows approval of documentation from the National Offshore Petroleum Titles Authority (NOPTA). Under the terms of the agreement, COP now holds 80% interest and operatorship in the permit, with 3D Oil receiving an AUD 5 million cash payment to recognize previous expenditure.   COP, now operator, is required to undertake the Dorrigo 3D seismic survey, which is to cover no less than 1,580 sq km, within the permitted area. Once completed the company has the option to drill an exploration well to fulfil the year six work programme. If this option is exercised, 3D Oil will be free carried to a maximum of USD 30 million in drilling costs. After this is reached it will contribute 20% of drilling costs in line with its reduced interest in the permit.   On 26 March 2020 3D Oil reported that its FOA with COP, in relation to exploration permit T/49P, was close to completion, with government approval required to confirm the deal. The companies signed a Joint Operating Agreement for the permit, which covers over 4,500 sq km in the Tasmanian Otway Basin. Initially, COP was to acquire 75% interest, but under the terms of the FOA, 3D Oil was to retain 20% to reduce its future operational expenses.   The companies entered the FOA on 18 December 2019 and were required to sign a Joint Operating Agreement and gain government approvals to fulfil the conditions of the agreement. Completion of the deal would see COP move into the Otway Basin for the first time  At the time of the JOA, the Dorrigo 3D survey was planned for September/October 2020 to gather new data over the central and southern areas of T/49P. Under the work commitments, at least 750 sq km of new data was required. The FOA required COP to acquire, and fully fund, at least 1,580 sq km of data acquisition.   3D Oil had been offering a farm-in opportunity to assist in drilling a well to target the Flanagan Prospect, which lies in the north. Prospective resources of approximately 10 Tcf of gas have been estimated across the permit as a whole. The Dorrigo 3D will be acquired over the Harbinger lead, which has estimated prospective resources of 790 Bcf of gas, and the Seal Rocks lead, which has prospective resources of potentially over 4 Tcf of gas. Both have been mapped on old 2D seismic, and the new 3D is hoped to better define the leads and determine a drill location.  T/49P, which covers an area of 4,551 sq km, was awarded on 22 May 2013. 3D Oil T49P Pty Ltd has entered into a farm in agreement with ConocoPhillips Australia SH1 Pty Ltd, which was completed on 11 June 2020. Interest in the permit are now ConocoPhillips Australia SH1 Pty Ltd (80% and Operator), and 3D Oil T49P Pty Ltd (20%).
Australia (Otway B.) T/49P op. by COP (80%), OTHERS (18%), HIBISCUS (2%) 3D Oil Ltd, ConocoPhillips Company farm in agreement for T/49P, Otway Basin - Completed