Latest Offshore Exploration News

Emperor Energy has secured NOPSEMA approval for the Judith-2 appraisal well, removing a major regulatory barrier ahead of targeted drilling in April 2027. The well will test a 166 Bcf contingent gas resource and investigate deeper prospective sands, although commercial conversion remains unproven.

Carnarvon Energy has expanded its Bedout prospective resource inventory by 92% and secured a rig for a 2027 exploration campaign, but Dorado remains stalled before FEED and FID. The company ended FY26 with A$97.7 million in cash, no debt and a A$4.2 million after-tax loss.

Condor Energy has consolidated 100% ownership of its offshore Peru acreage and moved its 1 Tcf Piedra Redonda gas discovery closer to commercialisation. The company enters FY2027 with a larger resource base and stronger project control, but auditors have warned that additional funding is needed to sustain operations.

Forte Energy has bought nine more months to secure funding for the required Idris Prospect well after regulators suspended work-program conditions on WA-424-P. The extension preserves the permit, but drilling finance and the prospect’s technical credentials remain unresolved.

Emperor Energy has signed a term sheet to secure the Valaris 107 jack-up rig for its Judith-2 appraisal well, targeted for April 2027. The deal commits US$3.5 million before the full drilling contract is finalised, while environmental approval remains outstanding.

An independent expert has pegged 3D Energi’s 20% stake in VIC/P79 at US$19.8 million, setting a September deadline for ConocoPhillips to exercise its buy-out right. The valuation, however, is contested by 3D Energi’s board.

Beach Energy (ASX:BPT) reported a 742% jump in net profit to $281 million for FY26 despite a 9% revenue decline, driven by Waitsia Gas Plant reaching full capacity and stringent cost control. The company declared a fully franked final dividend of 2 cents per share.

Pancontinental Energy progresses its Namibian PEL 87 exploration with a seismic reprocessing study and farmin discussions, while neighbouring operators report promising discoveries and development plans in the Orange Basin.

Advent Energy, in which BPH Energy holds a 35.81% stake, will challenge a Federal Court judgment on the PEP11 gas exploration permit, prolonging uncertainty over a key NSW offshore asset.

Dalaroo Metals has kicked off mobilisation for its most ambitious exploration program yet at the Blue Lagoon Rare Earth Elements Project in southern Greenland, aiming to extend a 2.7km mineralised corridor offshore and onshore.

Bounty Oil & Gas has finalised the first tranche of a $4 million share placement and converted $200,000 of debt into shares, bolstering its capital for drilling and development across Australian oil and gas projects.

BPH Energy and Bounty Oil & Gas await a Federal Court judgement on their challenge against the refusal to extend the PEP-11 offshore permit. The decision, reserved since February, will be handed down mid-June, potentially shaping the companies' exploration prospects.