Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2026drilling result▲ GoodMajor
Charlemont-1 is declared a gas discovery after a Waarre C gas sample with 16% CO2, similar to La Bella. Waarre A gas is only 'probable', with no samples, inconclusive pressure data and no Ora test. The well will be plugged and abandoned, ending Phase 1.
7 Jan 2026drilling result▲ GoodMajor
Charlemont-1 reached total depth shallow of plan (2753m MDKB, about 70m into the Waarre A) after high pressure stopped drilling. Gas is probable in Waarre C, B and A, but wireline logging is needed to confirm. Waarre C gas was unexpected pre-drill.
2 Jan 2026drilling progress report● Neutral
A 7-inch liner was run in Charlemont-1 so it can drill through the Waarre A target, after the Waarre C gas and high pressure forced a pause. Drilling should restart over the weekend after a delay of about seven days. Resolves the design question.
29 Dec 2025drilling progress report● NeutralMajor
Charlemont-1 unexpectedly hit significant gas in the Waarre C about 160m above the main Waarre A target, with higher than expected pressure at 2,552m. Drilling is paused while the operator assesses design changes. An unplanned gas show and a delay, not a result.
17 Dec 2025drilling progress report● Neutral
Seven days after spud, Charlemont-1 is at 1371m, having finished the surface section and preparing the intermediate section. Operations are running safely. No result yet.
11 Dec 2025drilling spud● NeutralMajor
Charlemont-1, the second Otway well, was spudded on 10 December 2025, targeting 93 Bcf gross mean in the Waarre A at 81% chance of success. It should reach 2830m TVDSS in about 32.9 days. Risks noted include fault seal leakage and elevated CO2.
20 Nov 2025drilling result▲ GoodMajor
Gas samples recovered from both Waarre C and Waarre A at Essington-1 confirm a gas discovery, with preliminary low CO2 of 2-4.5%. The company makes no commerciality assessment yet; Ora testing to follow. Firms up the 17 November indications.
17 Nov 2025drilling result▲ GoodMajor
Essington-1 reached 2735m and found gas in two reservoirs: 58.5m net pay in the main Waarre A and 31.5m in the Waarre C, close to pre-drill predictions. Commerciality is not yet assessed; Ora flow-style testing is next. Ends the wait for the first result.
10 Nov 2025drilling progress report● Neutral
Nine days after spud, Essington-1 is at 1736m and preparing to run casing before drilling the reservoir section to the 2650m total depth. Operations are running safely. No result yet.
3 Nov 2025drilling spud▲ GoodMajor
Essington-1 was spudded by ConocoPhillips at 3:15am on 1 November 2025, starting the Otway drilling program. It targets 262 Bcf gross mean (52 Bcf net to 3D Energi) in two reservoirs, taking about 32 days to 2650m. Charlemont-1 follows.
29 Oct 2025drilling scheduled● Neutral
The Transocean Equinox has started mobilising to Essington-1, with drilling due around 1 November 2025, earlier than the late-October estimate's slip risk suggested. The well targets 262 Bcf gross mean, over about 32 days to 2650m TVDSS. Known resource figures, new firm timing.
30 Sept 2025drilling progress report● Neutral
Anchor pre-lay work for the Transocean Equinox has started at Essington-1, with spud now expected mid-October 2025 and Charlemont-1 in November-December. All approvals are in place and the US$65M carry is unchanged. Timing is subject to weather.
19 Sept 2025farm in farm out completion▲ GoodMajor
Korea National Oil Corporation has completed its farm-in, taking 29% of VIC/P79 and T/49P after NOPTA and FIRB approvals, cutting ConocoPhillips to 51% as operator. 3D Energi stays at 20% with the US$65M two-well carry unchanged. This resolves the pending KNOC approval thread.
11 Aug 2025drilling scheduled● NeutralMajor
Essington-1 is now due to spud in October 2025, a slip from September, followed by Charlemont-1 later in 2025. The two wells target 355 Bcf mean gross (71 Bcf net), with chance of success of 68-81%. All NOPSEMA approvals are received, closing that thread.
3 July 2025drilling scheduled▲ GoodMajor
Phase 1 wells confirmed as Essington-1 and Charlemont-1, dropping Charlemont-2. The Transocean Equinox is due at Essington-1 in September 2025, then Charlemont-1 later in the year. Carry stays up to US$65M. This resolves the well-location thread.
30 June 2025resource reserve update▲ GoodMajor
Updated prospective resources across VIC/P79 and T/49P: 51 prospects with 9.2 Tcf gross mean (20% net to 3D Energi). The Charlemont Cluster of seven prospects is high-graded at 1.014 Tcf gross mean. These are unrisked estimates for undrilled targets, replacing the earlier revision work.
16 June 2025drilling scheduled▲ GoodMajor
Three possible Phase 1 well locations in VIC/P79 were named: Essington-1, Charlemont-1 and Charlemont-2, with drilling sequence undecided. 3D Energi moved its US$30M carry from T/49P to a second VIC/P79 well, keeping the total US$65M carry for two wells. Drilling is due Q3 2025.
27 May 2025drilling progress report▲ Good
ConocoPhillips has finished the Otway seabed surveys over potential drilling locations, following the surveys begun in April. Final well locations and further approvals are still pending. Drilling is scheduled for the second half of 2025, with 3D Energi's US$65M carry covering the surveys.
16 May 2025farm in farm out agreement▲ GoodMajor
Korea National Oil Corporation will take a 29% interest in VIC/P79 and T/49P by farming down ConocoPhillips to 51%, subject to FIRB and other approvals. 3D Energi stays at 20% and the US$65M carry is unchanged. ConocoPhillips remains operator.
17 Apr 2025drilling progress report● Neutral
Seabed surveys began in VIC/P79, expected to take about four weeks, ahead of drilling. Survey costs fall within the US$65M ConocoPhillips carry. Final well locations are still not confirmed.
10 Apr 2025drilling scheduled▲ GoodMajor
The Transocean Equinox rig has arrived in the Otway Basin. Phase 1 drilling for the two carried wells (up to US$65M carry) is now scheduled for Q3 2025, with up to four optional wells in 2026-2028. Well locations are still unconfirmed.
24 June 2024farm in farm out agreement▲ GoodMajor
Farmout agreements with ConocoPhillips were amended so the US$30m T/49P well carry can be used in either T/49P or VIC/P79. Total carry stays US$65m, with 20% retained in both permits and no extra cost. Well locations are not yet chosen.
3 Apr 2024drilling scheduled● Neutral
The Transocean Equinox rig has left Singapore for Australia, first for a five-well Northwest Shelf contract. It is still expected in the Otway in Q1 2025, subject to approvals and rig availability. Confirms the existing schedule rather than changing it.
12 Feb 2024resource reserve update▲ GoodMajor
Reprocessed seismic shows a possible gas-water contact (flat spot) at the Monarch prospect in VIC/P79. Best-estimate prospective resource is 316 Bcf gross, now the largest undrilled prospect in the permit, with a 47% chance of success. 3D Energi holds 20%.
31 Jan 2024resource reserve update▲ Good
Reprocessing of about 1,135 km2 of La Bella 3D seismic in VIC/P79 is complete, with markedly clearer images of the Rosetta and Monarch targets. This resolves the earlier imaging problem over Monarch. No new resource numbers; 3D Energi keeps 20%.
27 June 2023resource reserve update▲ GoodMajor
Sequoia 3D processing in T/49P is complete (1,782 km2), later and harder than first expected, with Flanagan reprocessing merged in. Interpretation to rank gas prospects for drilling has begun. This resolves the long-awaited final volume; the company cites about 10 Tcf gross prospective resources, an earlier estimate.
30 May 2023drilling scheduled● Neutral
ConocoPhillips began preparing an environment plan for up to six wells in VIC/P79 and T/49P, with submission to NOPSEMA planned Q3 2023. A seabed survey could start from January 2024. Drilling depends on approvals and rig availability. Largely restates the February plan.
16 Mar 2023farm in farm out completion▲ GoodMajor
NOPTA approved transfer of 80% of VIC/P79 and operatorship to ConocoPhillips, completing the farmout pending since July 2022. 3D Oil keeps 20%, receives US$3m and is carried for up to US$35m on one well due by February 2025.
8 Mar 2023resource reserve update▲ GoodMajor
VIC/P79 resource upgrade: Essington (formerly Vanguard) best estimate rises from 161 Bcf to 246 Bcf. Six near-field La Bella leads add a combined 533 Bcf best estimate. La Bella 3D reprocessing has started, taking 8-10 months.
3 Feb 2023drilling scheduled▲ GoodMajor
ConocoPhillips is preparing an environment plan for up to six wells across VIC/P79 and T/49P, with two firm wells planned late 2024/2025 subject to rig availability. 3D Oil holds 20% of both and is carried about US$65m across one well in each permit.
