3D Oil Ltd has opened exploration permit WA-527-P, located across the Bedout Sub-basin of the Roebuck Basin and the far western section of the Broome Arch, Canning Basin, for farm-out. In Q4 2017 and Q1 2018 3D Oil began evaluating the prospectivity of the permit. Â In 1H 2019 3D Oil reported that it was in discussion with a number of companies around the farm-in opportunity, with some having completed due diligence.  It is reported that the success of Dorado 1 in nearby permit WA-437-P, around 80 km to the southwest, has led to increased interest in the WA-527-P opportunity.Â  3D is planning to undertake seismic over the permit to acquire more data over leads analogous to Dorado.  The permit, which covers an area of approximately 6,560 sq km adjacent to Quadrant Energyâs Phoenix South and Roc permits, was awarded solely to 3D Oil on 29 March 2017 for a period of six years.Â  Upon the award, 3D Oil announced that it would be seeking to divest some of its 100% interest to a farm-in partner.     As the evaluation of the prospectivity within WA-527-P continues, 3D Oil reported on 24 October 2018 that it had identified 15 leads within the permit, which are prospective for oil.Â  3D Oil reported that these will be the focus of its farm-out process on the block.Â  In January 2019 3D Oil reported that the ongoing analysis had identified erosional channels, into Lower Triassic Sands, that were analogous to Dorado.    Quadrant spudded Dorado in June 2018. 3D Oil had previously reported it could further de-risk leads identified within the WA-527-P before drilling commitments in 2021. Dorado was announced as a success in July 2018 and 3D Oil reported that this has reduced exploration risk and supports the potential for WA-527-P, as the leads within are in analogous geological settings. Initial work on prospectivity undertaken by 3D Oil had revealed high potential of a petroleum play within both the Paleozoic and Mesozoic sections. Leads over multiple levels have been identified with the potential of oil within Jurassic and Triassic sands and atoll and pinnacle reef structures of the Palaeozoic.    As of October 2018, 3D Oil had completed a review of open-file 2D data over the permit and has recommenced reprocessing of several key seismic lines in the west of the permit, closest to the existing Roebuck Basin discoveries, including Dorado.Â  It is hoped that the best location for new 3D will be determined by the remapping of existing data.Â  A few key leads have been identified already, with 3D Oil reporting the Salamander, Jaubert and Whaleback leads to have potential best case recoverable resources of 191 MMbo, 72 MMbo and 87 MMbo respectively.    The initial three years of the work programme in WA-527-P have been combined into one term (1-3), which must be completed by 38 March 2020. Geological and geophysical studies shall be conducted, including seismic interpretation, reservoir studies and basin modelling before undertaking an AUD 3 million 3D seismic survey to acquire 510 sq km of data. Â     After the initial three-year work programme of WA-527-P, permit terms four, five and six will follow with the work requirements to be completed on a year-by-year basis. Once a permit term has commenced, the work specified must be completed. One exploration well is scheduled to be drilled in term five with the commitment to drill required by 29 March 2021.    In mid-2014 the Phoenix South 1 well was drilled within the Quadrant operated WA-435-P permit, making a new, light oil play discovery with potentially 300 MMb oil in place. The Roc gas/condensate discovery was later made in November 2015 (although it was drilled as an appraisal well for the oil play). Subsequent appraisal wells have strengthened the understanding of the petroleum system and the recoverable prospective resources estimate for the basin which has increased to around 335 MMboe (including the Dorado Prospect). 3D Oil reports that the Middle Triassic Lower Keraudren structural play could extend east into WA-527-P. The prospective nature of the block is supported by the Zeester 3D seismic survey which runs into the western edge of the block, along with multiple vintage 2D seismic data sets from 1965 to the 2015 multi-client Bilby survey conducted by Searcher Seismic, which extends to the Quadrant blocks and is tied in to both Phoenix South and Roc wells.    WA-527-P was awarded to 3D Oil on 29 March 2017. 3D Oil Ltd holds 100% interest and is farming-down its interest to an interested partner to assist in the forthcoming exploration programme, the seismic programme to provide critical insight to the permitâs potential.    Companies interested in pursuing this opportunity should contact:    Noel Newell, Acting Executive Chairman    Tel: +61 (03) 9650 9866
3D Oil Ltd has opened exploration permit WA-527-P, located across the Bedout Sub-basin of the Roebuck Basin and the far western section of the Broome Arch, Canning Basin, for farm-out.