On 26 March 2020 3D Oil Ltd reported that its Farm Out Agreement (FOA) with ConocoPhillips Australia (COP), in relation to exploration permit T/49P, is close to completion, with government approval now required to seal the deal. The companies have 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 will now retain 20% to reduce its future operational expenses.   Once government approval has been received, COP will pay 3D Oil an AUD 5 million cash payment to enter the permit and become operator. COP will also undertake 3D Oil's planned Dorrigo 3D seismic survey, covering all costs, and could elect to drill an exploration well, in which 3D Oil would be free carried for up to USD 30 million.    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 will 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 is required, which will take place in water depths of between 100 and 840 m. The FOA requires 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. A total of around 10 Tcf prospective resources have been estimated across the permit as a whole. The Dorrigo 3D will target acquisition over the Harbinger lead, which has estimated prospective resources of 790 Bcfg, and the Seal Rocks lead, which has prospective resources of potentially over 4 Tcfg. 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 remains subject to government approval after meeting all other conditions. Upon completion of the deal, interests will become: 3D Oil T49P Pty Ltd (20%) and ConocoPhillips Australia SH1 Pty Ltd (80% + operator).
ConocoPhillips has secured a majority operated stake 75% (3DOil 25%) in an exploration block T/49 P.