3D Oil books oil reserves for offshore Gippland Basin, Victoria

5/13/2014

3D Oil books oil reserves for offshore Gippland basin, Victoria

MELBOURNE, Australia -- 3D Oil has received the completed reserves and contingent resources statement from Gaffney, Cline & Associates for its West Seahorse oil field in the offshore Gippsland basin, Victoria.

Proved plus probable oil reserves were estimated at 6.5 MMbbl for the West Seahorse Field as at December 31, 2013.

Mid-case stock tank oil initially in place was estimated at 10.3 MMbbl with estimated un-risked 2C contingent resources of 1.5 MMbbl in secondary ‘Gurnard’ reservoirs.

Independent assessment of reserves provides certainty for project financing and major contracts, and project development plans and economics were also reviewed as part of the assessment.

West Seahorse is being developed for production in early 2015 by a JV comprised of 3D with 49.9% and Carnarvon Hibiscus, a wholly-owned subsidiary of Hibiscus Petroleum, as operator with 50.1%.

TDO intends to develop the field using a mobile offshore production unit, mounted by a modular drilling rig.

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