Beach Energy has entered into an agreement with 3D Oil Limited to acquire 20% interest in the T/49P offshore exploration permit in the Otway Basin. In addition to this agreement, Beach and 3D Oil have established a new JV by executing a joint operating agreement (JOA).
Under the agreement, Beach will pay 3D Oil A$3 million (US$2.8 million) in cash with 3D Oil to remain as operator under the JOA. The JV will commence a 755 sq km seismic acquisition program within the next twelve months.
The T/49P Permit is located approximately 20 km to the west of King Island and is 4,960 sq km in size with water depths of around 100m. Adjacent to the permit are the Geographe and Thylacine gas fields, of which Thylacine is the largest field discovered in the Otway Basin to date.
In Mar-2014, Beach Energy found indications of a substantial deep basin gas play in the Penola Trough, located in the Otway Basin offshore Australia.
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