3D Energi has announced that the Korea National Oil Corporation (KNOC) will enter the joint ventures with 3D Energi and ConocoPhillips Australia (COPA) in the Otway exploration permits VIC/P79 and T/49P, subject to regulatory approvals. 3D Energi retains a 20% participating interest in both permits while COPA will farm down to 51% with KNOC assuming a 29% interest. COPA will retain operatorship of the Joint Venture. 

Highlights

• Korea National Oil Corporation (KNOC) to enter the Otway Basin Joint Venture with 3D Energi (TDO) and ConocoPhillips Australia (COPA).
• KNOC to attain a 29% interest in both permits following a farm down of COPA interest in the permits, subject to regulatory approvals.
• TDO to retain 20% interest in both permits VIC/P79 and T/49P while the COPA carry for up to US$65 million in gross drilling costs remains in place.
• The exploration program has been further bolstered with KNOC’s investment participation and exploration expertise, reinforcing our commitment to find new natural gas discoveries to supply domestic gas to the east coast of Australia. 

A new global company joins the Otway gas hunt

COPA has entered into an agreement with KNOC, the national oil and gas company of South Korea, where the latter will acquire a 29% interest in the VIC/P79 and T/49P exploration permits, subject to regulatory approvals. COPA will reduce their interest to 51% while 3D Energi’s interest will remain at 20%. COPA will
retain operatorship of the Joint Venture.