Friday 20 February 2026

Strong bidding for energy opportunities in exploration areas opened last year in the Otway and Polda basins is set to attract more than $40 million in committed new investment to the state.

The acreage release sought bids from companies wanting to explore opportunities such as gas, natural hydrogen, gas storage and geothermal resources.

The Otway basin attracted the lion’s share of the successful bids, with five blocks totalling $31.36m in total investment value.

Across both basins, successful bids came from:

• H2EX Ltd & Thor Energy PLC – two projects, total value $5,560,000
• Adelaide Energy Pty Ltd (Beach Energy) & Tri-Star Otway Pty Ltd - total value $14,800,000
• Lucas Sage SA1 Pty Ltd – total value $7,600,000
• ACV Otway Pty Ltd - total value $3,400,000
• Koloma Australia Pty Ltd – total value $11,170,000

Find out more about the acreage releases and bid assessment process