3D Energi (ASX:TDO) has reported that its Charlemont-1 gas exploration well, located approximately 55km offshore from Port Campbell in Victoria's Otway Basin, has intersected probable gas in the Waarre C, B, and A sandstone reservoirs.
The well, targeting the Charlemont B Prospect, recorded elevated gas readings and increased resistivity logs consistent with hydrocarbon presence.
Drilling reached a total depth of 2,753m MDKB—short of the planned 2,862m—after encountering higher-than-expected formation pressures, prompting a temporary cessation of operations.
Further wireline logging is planned to evaluate the extent and quality of the hydrocarbons and assess potential connectivity between the reservoirs.
Charlemont-1 lies along a prospect chain extending to the La Bella gas discovery, with early results potentially de-risking additional up-dip targets.
Noel Newell, Executive Chairman of 3D Energi, described the findings as "incredibly exciting," highlighting the significance of probable hydrocarbons in the Waarre C reservoir, which were not anticipated prior to drilling.
The Charlemont-1 well is operated by ConocoPhillips Australia, with 3D Energi holding a 20% interest and Korea National Oil Company 29%.
At the time of reporting, 3D Energi's share price was $0.18.