3D thinks it may have a Dorado-type oil discovery
3D Oil is jumping on the fame of a massive neighbouring oil find, saying it too might be sitting on a Dorado-sized oil reservoir.
The company had identified possible structures in its Bedout sub-basin exploration area that look similar to the recent Dorado-1 discovery, 80km away.
The 3D Oil (ASX:TDO) share price moved up 5 per cent to 10.5c on the news.
In July this year, a Quadrant Energy-Carnarvon (ASX:CVN) joint venture estimated a resource of 186 million barrels of oil and condensate at the Dorado-1 exploration well – making it one of Australia’s largest oil discoveries in 30 years.
The discovery has now established the Bedout sub-basin as one of the most important emerging petroleum frontiers in Australia.
3D Oil recently conducted a review of the 2D seismic data available for its WA-527-P exploration permit.
“The data is sparse and of varying vintage and quality, however, it has been possible to identify a potential erosional channel system within the western side of the acreage, similar to that which was encountered in the Dorado oil discovery,” the company said.
3D Oil has now identified at least fifteen leads across its permit, the company told investors.
“The leads are considered to be prospective for oil and is the focus of our ongoing farm-out campaign with a number of major strategic parties having expressed interest in the permit following the Dorado-1 discovery,” 3D said.
3D Oil has started reprocessing of key 2D seismic lines within the western side of the acreage, hoping that modern reprocessing “will aid in the mapping of this potential channel system and assist 3D Oil in determining the best possible location for 3D seismic acquisition”.