Core Insights - ConocoPhillips has confirmed a second natural gas discovery offshore Australia, enhancing the commercial viability for further exploration in the Otway Basin and highlighting its significance in the east coast gas market [1] Group 1: Discovery Details - Gas was confirmed at the Charlemont-1 exploration well offshore Victoria, validating the Charlemont Trend after the successful recovery of a gas sample [2] - The gas was found in the Waarre C sandstone, with wireline logging confirming hydrocarbons, adding unexpected upside to the discovery [3] - Elevated gas readings in the Waarre A sandstone suggest probable hydrocarbon presence, requiring further analysis to assess volumes and commercial potential [4] Group 2: Exploration Program - Charlemont-1 appraised the down-dip extent of the Charlemont Trend, demonstrating gas charge at both ends and de-risking several intervening prospects [5] - The Charlemont discovery follows the earlier Essington gas find, marking the second success under the Otway Exploration Drilling Program, reinforcing the prospectivity of the Charlemont cluster [6] - The exploration strategy focuses on infrastructure-led development, with discoveries near existing offshore gas production and processing facilities [6][7] Group 3: Operational Details - Charlemont-1 is located approximately 55 kilometers offshore Victoria in about 110 meters of water, with ConocoPhillips holding a 51% operating interest [8] - No decision has been made regarding further drilling at this time [8]