Each one in plain English, with the numbers worked through for a shareholder.
5 July 2012other● Neutral
3D Oil says it is at an advanced stage of negotiations on a possible VIC/P57 transaction and is confident of a positive outcome soon, but gives no assurance. Lion Capital Advisory is now its financial adviser. Follows the failed Oracle deal.
23 Mar 2012director officer appointment● Neutral
Non-executive director Keith Edwards resigns, less than nine months after joining on 30 June 2011. No reason is given in the text. The board returns to four directors.
9 Mar 2012half year report● Neutral
Half-year to 31 December 2011 repeats known items: the Oracle deal stalling, reprocessed seismic confirming the Felix structure at depth, and West Seahorse financing remaining the challenge. Financial figures are not in the extract provided.
17 Feb 2012farm in farm out agreement▼ BadMajor
Oracle says it cannot finalise definitive documents on the original timetable and terms, so the 17 February deadline passes without a deal. Talks continue non-exclusively, 3D Oil is reopening talks with other parties and has retained Gresham Advisory Partners. Setback for the farm-out.
28 Nov 2011investor presentation● Neutral
AGM presentation restates the Oracle term sheet (up to A$30m, 50% of VIC/P57), West Seahorse 9.2 MMbbl (2C), Sea Lion 20 MMbbl and Felix 100 MMbbl potential. T/41P to be packaged for farm-out in the new year. No new information.
17 Nov 2011other▲ GoodMajor
Reprocessing of over 500 sq km of Northern Fields 3D seismic is complete, with clearly better deep imaging. Early review of the Felix prospect (potential over 100 MMbbl) is 'very encouraging'; full evaluation will take months. Resolves the long-delayed reprocessing thread.
3 Nov 2011farm in farm out agreement▲ GoodMajor
Non-binding term sheet: Canada's Oracle Energy could earn 50% of VIC/P57 by funding two wells, up to A$30m carried. Likely targets are Felix and Sea Lion. Binding documents are due by 17 February 2012, and Oracle must raise at least A$15m by 30 June 2012. Not yet a firm deal.
28 Oct 2011annual report● Neutral
Printed 2011 annual report repeats the GCA 9.2 MMbbl (2C) figure and Gurnard Formation 9.1 MMbbl oil in place. The managing director says the company will stick to its strategy and has applied for further permits. Mostly known facts.
29 Sept 2011annual report● Neutral
Annual report to 30 June 2011 largely repeats known operations: Dalrymple data received in August, VIC/P57 reprocessing delayed a few months, and the GCA upgrade. Partner search continues with several overseas parties.
31 Aug 2011regulatory community update▲ GoodMajor
VIC/P57 is renewed for five years from 10 August 2011, keeping all identified leads and prospects. The permit shrinks to about 483 sq km, roughly two thirds of the original, after required relinquishment. Resolves the renewal thread and supports farm-out talks.
30 June 2011director officer appointment● Neutral
Keith Edwards joins as a non-executive director. He has 28 years in petroleum, including BHP Billiton, Shell and, most recently, Nexus Energy business development. The board becomes five directors.
15 Mar 2011half year report● Neutral
Half-year to 31 December 2010 shows a loss of $515,658, versus $476,435 a year earlier. Repeats the GCA upgrade to 9.2 MMstb and ongoing FEED. Notes the VIC/P57 Year 6 well was replaced by seismic reprocessing.
4 Feb 2011regulatory community update▲ Good
The 263 sq km Dalrymple survey finished in just under five days, about three days early, with no safety incidents. Data now needs processing before the leads can be upgraded. No results are yet available.
28 Jan 2011drilling scheduled● Neutral
The 263 sq km Dalrymple 3D seismic survey in T/41P starts the next day, taking 8-10 days. It targets the Dalrymple Lead and nearby features to mature them for possible drilling. This is the survey postponed from early 2010.
24 Dec 2010resource reserve update▲ GoodMajor
Independent review by Gaffney Cline lifts West Seahorse's best-case recoverable oil 74%, from 5.3 to 9.2 MMstb (low 4.2, high 14.5). Still classed as contingent resource, not reserves, but GCA says it can be booked as reserves once development is committed. Resolves the certification thread.
14 Dec 2010other● Neutral
3D Oil provides its updated securities trading policy on directors' and executives' dealings, including blackout periods. Administrative notice with no operational or financial substance.
30 Nov 2010investor presentation● Neutral
AGM presentation says independent certification should lift West Seahorse reserves above the current 2P 5.3 MMbbl, and a further 9 MMbbl oil-in-place was identified. The partner search is admitted to be taking longer than expected. Cash is just under $8m with no debt; first oil is now 2012/13.
29 Oct 2010annual report● Neutral
2010 annual report mostly repeats known facts: Felix potentially over 100 MMbbl, Sea Lion 20 MMbbl, FEED under way. The managing director says the partner search should bear fruit very soon and aims to re-enter West Seahorse-3 and drill Sea Lion in 2011.
30 Sept 2010annual report● Neutral
Full-year accounts to 30 June 2010 largely repeat known operations: West Seahorse FEED under way, Felix as a prospect, seismic reprocessing from August 2010, and the cancelled T41-P survey. The company says it intends to add more permits to its portfolio.
22 Apr 2010investor presentation● Neutral
April 2010 presentation restates West Seahorse (8.7 MMstb 2P+2C), FEED under way, first oil 2012, Felix potential and the partner search. Shows cash of $8.7m and market cap of $40m, down from $57m in November. Mostly known facts.
8 Apr 2010material agreement▲ GoodMajor
3D Oil starts FEED engineering for West Seahorse (2P 5.3 MMbbl), choosing a subsea well piped to shore, with development cost estimated under US$80m. FID is now targeted for second half 2010 and first oil in 2012. Financiers are in discussions; Sea Lion put at 20 MMbbl.
12 Mar 2010half year report● Neutral
Half-year to 31 December 2009 shows a net loss of $476,435, down from $870,471 a year earlier. Operations text repeats known West Seahorse development options, Felix (up to 100 MMbbl) and the new Flinders prospect; FEED and contracts still targeted before June, FID before end-2010.
25 Feb 2010joint venture update● NeutralMajor
3D Oil extends the Vic/P57 farm-out evaluation period, saying numerous parties are interested and need more time. A final investment decision on West Seahorse is possible before end-2010. It also identifies a new Flinders prospect near Felix. This delays the December target.
6 Jan 2010director officer appointment▲ Good
Philippa Kelly, with 25 years in law, investment banking and funds management, joins the board from 5 January 2010. The chairman says her finance and legal experience should help the company commercialise its assets.
22 Dec 2009price query● Neutral
Answering an ASX query on a rise from 25 to 37.5 cents, 3D Oil says it knows of no undisclosed information and confirms compliance with the listing rules. Nothing new is disclosed.
26 Nov 2009investor presentation● Neutral
AGM presentation restates West Seahorse 2P+contingent at 8.7 MMstb, Felix as high-impact, and the partner process. It cites a market cap of $57m and cash of about $9.4m. Mostly known facts.
25 Nov 2009joint venture update▲ Good
Ten parties have signed confidentiality agreements and are evaluating a deal with 3D Oil through the Core Energy process. A West Seahorse development decision is now expected in early 2010. The company says it is confident of finding a partner in the near term.
26 Oct 2009annual report● Neutral
Glossy 2009 annual report repeats known facts: the hostile Drillsearch bid and the financial crisis stalled progress, and a joint venture partner process is expected to wrap up by December. Reserves rose 32% (1P) and 14% (2P).
7 Oct 2009resource reserve update▲ GoodMajor
3D Oil says its 100%-owned Felix prospect in Vic/P57 could hold 100 MMbbl of recoverable oil, about 7 km west of the producing Moonfish field. It is described as ready to drill, and the company aims to secure a farminee to drill within a year.
30 Sept 2009annual report● Neutral
Annual report for year to 30 June 2009 reviews the West Seahorse reserve upgrade, modelled at over 8,000 barrels a day from the development well, and the Hippo prospect (1.5 MMbbl). Focus is on finding a joint venture partner. Mostly known facts.
