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]

Core Insights - ConocoPhillips, in partnership with 3D Energi, has initiated drilling at the Essington-1 gas exploration well in the Otway Basin, Victoria, Australia, as part of the Otway exploration drilling programme (OEDP) aimed at exploring natural gas reserves for the East Coast market [1][2] Exploration Details - The Essington-1 well is targeting a total of 262 billion cubic feet (bcf) of mean prospective resources across the Waarre C and Waarre A reservoirs, with the Waarre C reservoir having a 76% chance of success and an estimated 76 bcf of resources, while the Waarre A reservoir, the primary target, is believed to contain 186 bcf of resources with a 68% chance of success [2] - The drilling operation is expected to last approximately 32 days, reaching a total depth of 2,650 meters true vertical depth subsea (TVDSS), depending on operational conditions [3] Strategic Importance - The drilling of Essington-1 is seen as a significant milestone for 3D Energi, with the potential to enhance the resource base and support the future energy needs of the East Coast's domestic gas supply [4] - Following the completion of Essington-1, further evaluations, including wireline logging, will be conducted to assess hydrocarbon presence and reservoir quality [4] Future Plans - Essington-1 is the first of two wells planned in the initial phase of the OEDP, with a total of up to six wells proposed to identify commercially viable gas reserves [5] - After completing the Essington-1 drilling, the Transocean Equinox rig will proceed to drill the Charlemont-1 exploration well, located 20 km northwest within the same permit area [5]