3D Oil Limited provided an update surrounding the delineation of additional prospectivity within the VIC/P79 exploration permit, Otway Basin, Victoria. This includes an update to the prospective resource estimates for leads and prospects released to the market on 4 February 2022. The company is 100% titleholder and operator of the VIC/P79 exploration permit, awarded in February 2022 as part of the 2020 Offshore Petroleum Exploration Acreage Release.

The 2,576 km2 permit contains the highly prospective Vanguard Prospect (161 Bcf), located adjacent to the largest gas fields in the offshore Otway Basin, including Geographe and Thylacine. The La Bella gas discovery lies along the northeast margin of the permit, up-dip from the newly defined Defiance and Trident leads. Detailed seismic interpretation has been completed around the local La Bella-1 area and the newly identified leads have been correlated to the La Bella-1 offset well.

Like the La Bella gas discovery, both leads exhibit amplitude conformance with structure, which is considered one of the most reliable and robust Direct Hydrocarbon Indicators, representing buoyancy driven fluid phase boundaries, and significantly reduces uncertainty around the presence of hydrocarbons. Defiance exhibits amplitude conformance with structure at both the Upper Waarre and Lower Waarre horizons, where the Upper Waarre horizon conforms with the deeper, larger gas zone at La Bella-1. RMS amplitudes at the Upper Waarre level do not extend west to Trident. The Defiance structure has an areal closure of 1.1-1.6km2, however, approximately 50% of the Defiance structure lies outside of the permit to the north and east.

The structure has an in-permit best estimate prospective resource of 32.5 Bcf across both reservoirs, or 56.7 Bcf full structure.