3D Energi announces update on Essington-1 gas well operations

Core Insights - 3D Energi has provided updates on the drilling progress at the Essington-1 gas exploration well in the Otway Basin, Victoria, which is part of the VIC/P79 exploration permit located approximately 55km offshore from Port Campbell [1][3] Drilling Progress - The Essington-1 well has reached a measured depth of 1,736m below rotary table (MDRT) and a true vertical depth subsea (TVDSS) of 1,704m after nine days of drilling [1] - The current hole size is 12¼ inches in the intermediate section, and preparations are underway to install 9⅝ inch casing [2] - The next phase involves drilling an 8½ inch hole through the reservoir section to reach a planned total depth of around 2,650m TVDSS, with an expected duration of approximately 32 days to complete this phase [2] Project Ownership - 3D Energi holds a 20% equity interest in the Essington-1 project, while ConocoPhillips Australia owns 51% and Korea National Oil Company holds the remaining 29% [3] Exploration Objectives - The drilling is part of the Otway exploration drilling program aimed at identifying natural gas reserves for the East Coast market [4] - The Essington-1 well targets a combined mean prospective gas resource of 262 billion cubic feet (bcf) in the Waarre C and Waarre A reservoirs [4] - The Waarre C reservoir, located at a depth of approximately 2,240m TVDSS, is estimated to contain 76 bcf of resources with a 76% chance of success [4] - The primary target, Waarre A, lies at around 2,470m TVDSS, with estimated resources of 186 bcf and a 68% chance of success [5]