Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2014asset acquisition disposition● NeutralMajor
Hibiscus's subsidiary CHPL exercised its option to buy 3D Oil's remaining West Seahorse (VIC/L31) interest for US$14.05m, subject to NOPTA approval. 3D Oil will then hold no interest in the field. VIC/P57 stake will be 24.9% or 44.9% depending on HiRex.
11 Aug 2014agm notice▲ GoodMajor
Shareholders approved both Hibiscus and HiRex resolutions at the 11 August meeting, carried on a show of hands. Proxies were about 68.6m in favour and 200,000 against. This clears the main hurdle for the restructuring.
11 Aug 2014investor presentation● Neutral
Presentation for the 11 August meeting repeats the case for the Hibiscus deal: US$16m West Seahorse buyout, 25% of VIC/P57 funded with US$7.5m, and avoiding a roughly $50m equity raise. Sea Lion put at 11 mmbbl (P50). Nothing new.
31 July 2014security holder rights change● Neutral
Chairman's letter urges shareholders to approve the Hibiscus deal at the 11 August meeting, calling it a change from West Seahorse. Says it avoids a $40-50m equity raise; if rejected, Hibiscus is likely to start default proceedings. Funded 24.9% of Sea Lion, drilling April 2015.
31 July 2014quarterly activities report● Neutral
June quarter report recaps the binding Hibiscus deals (US$7.5m, US$1.94m offset, options) and 11 August meeting. VIC/P57 Year 3 well extended to before 10 August 2015. Flanagan survey environment plan approved 30 July; Beach A$3m deal for T/49P noted. No new financials in excerpt.
7 July 2014material agreement▼ BadMajor
Binding deals with Hibiscus and HiRex follow the May heads of agreement: US$7.5m for 3D Oil's Britannia rig share and 5% of VIC/P57, about 6.07% of VIC/L31 handed over against US$1.94m owed, plus options over the rest of L31 and 20% of P57. Needs shareholder approval.
3 July 2014director officer appointment● Neutral
Non-executive director Dr Ken Pereira, the Hibiscus nominee, resigned effective 3 July 2014. No reason was given in the text.
16 June 2014farm in farm out agreement▲ Good
Beach Energy's own release confirms the binding agreement to buy 20% of T/49P from 3D Oil for A$3m, with 3D Oil remaining operator. Subject to regulatory approvals; seismic expected within twelve months. Duplicates the 3D Oil announcement.
16 June 2014farm in farm out agreement▲ GoodMajor
Beach Energy agrees to pay A$3m for 20% of the T/49P gas permit, valuing it at A$15m. 3D Oil keeps 80% and operatorship. This is the farm-in long sought; a 755 sq km seismic survey is planned for late 2014, and other talks continue.
13 May 2014material agreement▼ BadMajor
3D Oil signs a largely non-binding heads of agreement with Hibiscus and HiRex after funding problems: US$2m working loan, Britannia rig sold to Hibiscus, West Seahorse obligations paid by giving up VIC/L31 equity. Strategy and timing to be reassessed; shareholder approval needed.
30 Apr 2014quarterly activities report▼ BadMajor
March quarter report says project debt markets are challenging, so West Seahorse financing needs more time and the final investment decision is delayed until funding is secured. Funding talks with partners are advanced. T/49P farm-out now actively pursued.
14 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 repeats the production licence, approvals and reserves milestones. Sea Lion is at final proposal status, and the JV has not chosen its Year 3 well target. The excerpt shows no financial figures.
12 Feb 2014listing compliance notice▼ Bad
ASX queried the low cash ($1.19m against a $600k quarterly outflow). 3D Oil says it can fund the current quarter, has cut non-essential spending, and expects to announce fundraising in the March quarter. It confirms listing rule compliance.
31 Jan 2014quarterly activities report● Neutral
December quarter report recaps the production licence, development plan, environmental approval and GCA reserves, plus T/49P prospectivity and economics. Farm-in talks continue. Operating outflow was $600k and cash at quarter end $1.19m, down from $1.7m.
14 Jan 2014resource reserve update▲ GoodMajor
Independent assessor GCA upgrades West Seahorse to 2P reserves of 6.5 mmbbl (2.9 mmbbl net to 3D Oil's 49.9%), up from the earlier 9.2 mmbbl contingent resource. Capex put at about US$140m. Financing and FID still expected early 2014.
20 Dec 2013investor presentation● Neutral
December investor update restates the West Seahorse plan (9.2 mmbbl 2C, Britannia rig, up to US$150m capex, 12,000 bopd) and T/49P. Shows a share price of 13c, market cap A$30.9m and net cash A$1.7m at 25 Nov. Nothing new.
12 Dec 2013investor presentation▲ Good
Update on T/49P gas permit (100% 3D Oil): Flanagan lead up to 3 TCF (headline) and 10+ leads totalling about 20 TCF unrisked. Farm-in talks are with several partners; 755 sq km 3D seismic likely summer 2014/15. Figures are company estimates, not drilled results.
12 Dec 2013admin correction● Neutral
Revised re-release of the 12 December T/49P gas update, with wording tidied (it corrects the permit acquisition year to May 2013). Content is otherwise the same as the original release.
6 Dec 2013regulatory community update▲ GoodMajor
The regulator awarded the joint venture production licence VIC/L31 over West Seahorse, resolving the pending licence. Final investment decision is expected early 2014 and production early 2015. 3D Oil holds 49.9%, with Hibiscus operating at 50.1%.
25 Nov 2013investor presentation● Neutral
AGM presentation repeats the West Seahorse plan, 9.2 mmbbl 2C resource and Britannia rig. Shows share price of 9 cents, market cap of $21.4m and net cash of $1.7m. Says a reserves announcement is expected shortly. Nothing new.
25 Nov 2013director officer appointment● Neutral
Non-executive director Philippa Kelly resigned after four years. The chairman credited her with work on the farm-out and financial management. No reason for leaving was given.
14 Nov 2013regulatory community update▲ GoodMajor
The regulator offered the joint venture a production licence over West Seahorse and approved the field development plan, with 90 days to accept. This is the licence long expected for Q3 2013. Final investment decision has slipped to early 2014 from Q4 2013.
25 Oct 2013annual report● Neutral
Glossy annual report repeats known points: final investment decision targeted within six months, Britannia rig bought, bank talks favourable, and a possible sell-down in VIC/P57 preferred to heavy share issuance. Intends to drill Sea Lion before the West Seahorse production wells. No new events.
22 Oct 2013quarterly activities report● Neutral
September quarter report notes Britannia conversion began, engineering work continued, and an environmental referral was lodged in August. Repeats the 1 October financing plan and says T/49P farm-in talks continue. Operating cash outflow was $320k for the quarter.
1 Oct 2013capital raising announcement● NeutralMajor
3D Oil starts formal financing for West Seahorse, capex US$125-150m including the US$15m Britannia rig, plus a US$20m Sea Lion-type exploration well. Banks signal debt of 50-70%. Extra equity may come from farming down its 49.9% or issuing new 3D Oil shares.
27 Sept 2013annual report● Neutral
Annual report to 30 June 2013 recaps the completed Hibiscus farm-in (A$27m commitment), the Britannia purchase, the T/49P award and the aim of oil by early 2015. The excerpt shows no new events; financial figures were not in the text provided.
5 Sept 2013investor presentation● Neutral
Revised version of the 4 September conference slides. Adds net cash of A$2.1m at 30 June and says Britannia was bought with Hibiscus farm-in funds, with resale to a MOPU contractor planned in 2013. Otherwise repeats known facts.
4 Sept 2013investor presentation● Neutral
Good Oil Conference presentation restates the West Seahorse plan (9.2 mmbbl 2C, 49.9% interest, Britannia rig, up to US$150m capex, first oil possibly late 2014) and a market cap of A$23.8m. No new announcement.
29 July 2013quarterly activities report▲ Good
June quarter report recaps T/49P, the production licence application, the Britannia rig purchase and the final development plan. A final investment decision is targeted by end 2013. First oil could be as early as late 2014. No new announcements beyond those already made.
19 July 2013material agreement▲ GoodMajor
The joint venture signed a US$12m purchase of the GSP Britannia jack-up rig, plus a US$3m service agreement, to convert into the West Seahorse production platform. Hibiscus's farm-in money funds it. The rig is planned to be sold and leased back, and first oil could come as early as late 2014.
