3D Oil: ‘Polarcus Asima’ completes Flanagan shoot (Australia)
- Business & Finance
3D Oil Limited (TDO) has informed that the 3D Flanagan seismic survey, in the T/49P permit in the Otway Basin, offshore Australia, is now complete.
3D Oil hired a research/survey vessel Polarcus Asima to acquire the Flanagan 3D seismic survey in October this year and the company says that it was completed in just over one month of operations west of King Island.
TDO Managing Director Noel Newell commented: “We are very pleased with the conduct of the Flanagan survey which, despite some periods of challenging weather conditions, has been completed on schedule and within budget. TDO would like to thank the personnel on the Asima and all the dedicated and professional contractors and staff involved in making this a safe and successful operation. We now look forward to the next step in our quest to discover new gas resources from T/49P to supply the markets in eastern Australia.”
The seismic data recorded by the Asima will be processed by DownUnder GeoSolutions in Perth. According to TDO, data processing for modern 3D seismic is a process which will require several months to produce a data volume for interpretation by 3D Oil’s geoscientists. Furthermore, interpretation and assessment of the geology and prospectivity of the area will also likely require several months. As a result, TDO says it anticipates that results of the Flanagan survey will be available in mid-2015.
Pursuant to the farm-in agreement announced on November 24, the T/49P joint venture is now comprised of TDO at 70% and operator, and Beach Energy Limited at 30%.