3D OIL has secured a permit extension for its T/49P exploration permit in the Otway basin offshore Tasmania, giving it more time to carry out seismic interpretation, the company said.

The National Offshore Petroleum Title Administrator has granted a nine month extension to the third year of the company’s six year exploration permit, 3D Oil announced in early May.

3D Oil, which holds a 70 per cent operating stake in the permit, and Beach Energy, which holds the remaining 30%, spent over $11 million to acquire the 97,400 Flanagan 3D seismic survey in November and December 2014.

This data was used to identify the Flanagan prospect as the joint venture’s primary drilling target, with the permit extension allowing the companies up until the first quarter of 2018 to drill the Flanagan well.

3D Oil estimates Flanagan has a P50 prospective resource of 1.38 trillion cubic feet of gas and the feature exhibits seismic amplitude anomalies in key zones analogous to the nearby producing Thylacine and Geographe gas fields, the company said.

The company is also undertaking a marketing push to secure the investment necessary to fund the next stage of exploration in T/49P, with the extension giving potential farminees more time to consider investing.

“[3D Oil] is leveraging the positive results of the Flanagan survey and the compelling resource potential of Flanagan and the permit to attract the best possible farmin terms for future exploration drilling and seismic in this highly prospective gas exploration area,” the company said in its March quarterly report.

“Priority will be given to ensure the drilling of the Flanagan Prospect as soon as practically possible.”