• Essington: Largest undeveloped gas discovery in Otway Basin; 12km from established gas infrastructure
• Charlemont B: Gas discovery in secondary target Waarre C and primary target Waarre A horizons
• Advancing towards a Declaration of Location at both discoveries

3D Energi Limited has provided an update following the completion of Phase 1 of the Otway Exploration Drilling Program, which has delivered two gas discoveries at Essington-1 and Charlemont-1. Essington-1 is the largest undeveloped gas discovery in the Otway Basin, located only 12km from established gas infrastructure and with a favourable gas composition and liquids content. Charlemont-1 encountered a gas discovery in the Waarre C reservoir, as well as probable gas-bearing sandstones in the Waarre B and Waarre A horizons. The discoveries have materially enhanced the strategic value of the VIC/P79 exploration permit. The Joint Venture is progressing the required regulatory steps towards an application for a Declaration of Location over both discoveries, which formally recognises a petroleum discovery and enables application for either a Retention Lease or Production Licence. The proximity of both discoveries to established infrastructure provides flexibility in evaluating potential standalone or coordinated development concepts. The company is also considering the optional Charlemont-2 exploration well, which represents a significant potential forward value catalyst.