BRISBANE – ConocoPhillips Australia today announced that it has agreed with 3D Oil to take a 75 percent
interest and operatorship of offshore Exploration Permit T/49P through a farmout agreement.
ConocoPhillips Australia East President Nick McKenna said the agreement reinforces ConocoPhillips’
commitment to ongoing operations in Australia and would leverage the company’s global and Australian
offshore exploration knowledge and experience.
“If exploration is successful and the field were to move to production, our intention would be to supply the
gas to the Australian east coast domestic gas market,” McKenna said.
The farmout agreement is conditional upon the signing of a Joint Operating Agreement and regulatory
consents. Once all agreement conditions are met, ConocoPhillips Australia will pay 3D Oil A$5 million and
undertake the acquisition of a 3D seismic survey of not less than 1580 square kilometres in the permit area.
After processing and interpretation of the survey, ConocoPhillips Australia may elect to drill an exploration
Exploration Permit T/49P is located in the eastern offshore Otway basin, west of King Island, and covers an
area of 4,960 square kilometres.
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Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $70 billion of
total assets, and approximately 10,400 employees as of Sept. 30, 2019. Production excluding Libya
averaged 1,310 MBOED for the nine months ended Sept. 30, 2019, and proved reserves were 5.3 BBOE as
of Dec. 31, 2018. For more information, go to www.conocophillips.com.