ConocoPhillips and partners find gas in exploration well in Otway Basin

Core Insights - ConocoPhillips and its partners have discovered gas-bearing zones at the Essington-1 exploration well in the Otway Basin, Australia, with drilling commencing on November 1, 2025 [1] - The exploration well reached a total depth of 2,735 meters without incident, indicating successful drilling operations [1] Geological Findings - Wireline logging revealed gas presence in both the Waarre A and Waarre C sandstones, with the Waarre A showing a gross gas-bearing interval of 62.6 meters and net pay of 58.5 meters, while the Waarre C has a gross interval of 33.2 meters and net pay of 31.5 meters [2] - Gas peaks were identified at depths of 2,265 meters for the Waarre C and 2,515 meters for the Waarre A, correlating with increased resistivity readings [2] Evaluation and Testing - A petrophysical evaluation of wireline data has been completed, confirming the presence of moveable gas through pressure data analysis [3] - A comprehensive formation evaluation program is underway, utilizing wireline logs across the well's 8½ inch hole section [3] Future Steps - Wireline formation testing will be conducted using Schlumberger's Ora platform to assess reservoir mobility, connectivity, and hydrocarbon composition [4] - The results from these tests will inform the recoverability and commercial potential of the hydrocarbons found at the Essington-1 well [5] Stakeholder Involvement - ConocoPhillips Australia operates the project with a 51% stake, while Korea National Oil Company holds 29% and 3D Energi has 20% [5] - 3D Energi's executive chairman expressed optimism about the early results, indicating clear signs of gas-bearing sandstones [5][6]