22 Sept 2009price query● Neutral
Replying to an ASX query on a rise from 13 to 22.5 cents, 3D Oil says it knows of no undisclosed information. It points to its 10 September growth strategy update as a possible cause of buying interest.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2009investor presentation● Neutral
Presentation on the growth strategy: cash $7.8m plus a $2.2m drilling refund due, 206.6m shares, market cap $23m. Restates 8.7 MMstb at West Seahorse and a farm-out sale process. A 3D seismic survey is planned for T41-P in early 2010. Mostly known facts.
3 Sept 2009other▲ GoodMajor
3D Oil announces an accelerated growth strategy and a formal process, with Core Energy Group, to find a joint venture partner, aiming for a decision by December 2009. Follows the failed Drillsearch bid and earlier talks with unnamed parties.
16 June 2009other● Neutral
3D Oil releases its top 20 holders and distribution schedule after the failed bid. The largest holder has 17.75% and the top 20 hold 61.07% of 206.56m shares. Administrative disclosure.
10 June 2009business combination▲ GoodMajor
3D Oil announces Drillsearch's hostile offer failed, with 33.3% total acceptances from a 19.9% pre-bid base against a 50% minimum. Management says it can now return to developing West Seahorse and selective exploration, calling its position secure.
10 June 2009other● Neutral
Drillsearch lodges its shareholder distribution schedule and top 20 holders list after its bid closed, as the listing rules require. Carries no new information about 3D Oil.
10 June 2009business combination▲ GoodMajor
Drillsearch confirms its offer closed 9 June 2009 and that it and its associates now hold no relevant interest in 3D Oil. It will not compulsorily acquire the rest as acceptances fell short.
1 June 2009business combination● Neutral
Drillsearch's status notice shows the minimum acceptance condition still unfulfilled. It holds 32.18% of 3D Oil (66.5m of 206.56m shares), well short of 50.1%. Procedural notice.
27 May 2009regulatory community update● Neutral
The Takeovers Panel lets Veritas withdraw its application. It says the bid extension and dispatch of documents to formerly escrowed holders remedied the complaint. Resolves the 25 May application.
27 May 2009business combination● Neutral
3D Oil says accepting Drillsearch is high risk because Beach will walk away if Drillsearch issues shares. It notes Drillsearch holds 31.4% against its 50.1% condition. Board still unanimously recommends rejecting; acceptances can be withdrawn.
27 May 2009business combination● Neutral
Beach says that if Drillsearch issues shares under its 3D Oil bid, a defeating condition on Beach's Drillsearch offer is triggered. It has no present intention of waiving it. Reinforces that the Drillsearch bid cannot sit alongside Beach's.
26 May 2009business combination● Neutral
Drillsearch formally varies its offer to close 9 June and moves the next status notice to 1 June. It now holds 30.35% of 3D Oil, up from 19.9% at the start. Earlier acceptors may withdraw. Procedural.
26 May 2009business combination● Neutral
Drillsearch reverses its 15 May stance and, with ASIC exemption, extends its offer to 9 June 2009. It says some holders freed from escrow on 22 May had not received offer documents. This contradicts its earlier no-extension statement.
25 May 2009regulatory community update● Neutral
The Takeovers Panel receives an application from Veritas Securities for some 3D Oil holders. It says formerly escrowed holders (~36.7%) never got bid documents, and seeks an extension of the Drillsearch bid. No decision on the merits yet.
18 May 2009business combination● Neutral
Drillsearch's status notice says the 50.1% minimum acceptance condition is unmet and no conditions are waived. It holds 22.02% of 3D Oil (45.5m of 206.56m shares). Procedural notice.
15 May 2009business combination▲ Good
3D Oil welcomes the expected lapse of Drillsearch's offer and calls the bidder's stated reasons disingenuous. It points to Drillsearch's board dispute, having no MD, and Beach's rival bid. It says Drillsearch holds 22% against a 50.1% condition.
15 May 2009business combination▲ GoodMajor
Drillsearch says it will not extend its offer past 26 May or waive the 50.1% minimum, so the bid will lapse. It cites 3D Oil's cash falling from $14.5m to $8.5m over the March quarter. This is the bidder's reasoning.
15 May 2009security holder rights change● Neutral
75.11m ordinary shares and 10.93m unlisted options are released from escrow on 22 May 2009, after which no securities remain escrowed. This is the escrow expiry flagged in earlier bid disputes.
5 May 2009business combination▲ Good
Beach Petroleum announces a conditional bid for Drillsearch. A condition bars Drillsearch issuing shares, so Drillsearch's scrip bid for 3D Oil would breach it unless waived. 3D Oil calls on Drillsearch to say if it will let its offer lapse on 26 May.
23 Apr 2009investor presentation● Neutral
3D Oil updates on West Seahorse, saying a leased production unit with an onshore tank farm is its favoured option after the WorleyParsons pre-FEED study. Talks continue with joint venture partners and financiers, described as encouraging. No partner or funding is announced yet.
20 Apr 2009business combination● Neutral
3D Oil's board answers Drillsearch's 9 April letter, saying acceptances are below 1% after three months and the share price has traded above the implied offer price. It calls the extension desperate and says Drillsearch's storage-vessel plan was already rejected by 3D Oil as uneconomic.
16 Apr 2009business combination● Neutral
Drillsearch outlines how it would develop West Seahorse: a leased mobile production unit with 1-2 subsea wells and a storage vessel, or an onshore terminal. It says the offer extension lets escrowed holders accept after 21 May. Bidder's proposal only.
16 Apr 2009business combination● Neutral
Drillsearch extends its offer to 7pm Sydney time on 26 May 2009. It says no offer conditions have yet been freed or fulfilled, and moves the status notice date to 18 May. The extension runs past the 21 May escrow expiry.
9 Apr 2009business combination● Neutral
Drillsearch writes to 3D Oil shareholders arguing 3D Oil is a single-asset company with falling reserves. It says 2P reserves are down 9% since April 2007 despite about $48m of spending, and that escrow release on 21 May could add selling pressure. A bidder's argument.
31 Mar 2009business combination● Neutral
Drillsearch rebuts 3D Oil's Target's Statement, attacking its share price record and spending. It says net cash is about $7.3m (3.5c a share), not $14.5m, and urges 3D Oil to seek escrow release. These are the bidder's claims, not established facts.
27 Mar 2009business combination● NeutralMajor
3D Oil issues its Target's Statement, with directors unanimously recommending shareholders reject Drillsearch's offer. It argues the offer undervalues the company, giving 33% of the merged group for 67% of combined 2P reserves, and is 24% below 3D Oil's recent average share price. Resolves the pending Target's Statement.
27 Mar 2009business combination● Neutral
Drillsearch lodges a first supplementary Bidder's Statement giving more detail on its own 2P reserves and the production forecast behind its claim of output out to 2026. It adds disclosure only; the offer terms are unchanged.
26 Mar 2009business combination● Neutral
3D Oil says holders of escrowed shares cannot accept Drillsearch's offer without breaching escrow, which runs to 22 May 2009. It says Drillsearch promised a supplementary statement on this but has not issued one. Board still recommends rejecting.
25 Mar 2009business combination● Neutral
Drillsearch confirms it finished sending its 6 March Bidder's Statement to 3D Oil holders on 25 March, with offers dated that day at 4 Drillsearch shares per 3D Oil share. The formal offer period now begins. Procedural notice.
20 Mar 2009business combination● Neutral
3D Oil's chairman and MD write to shareholders urging them to reject Drillsearch's all-scrip offer. They say 3D Oil supplies 67% of combined 2P reserves for 33% ownership, and Drillsearch's share price is down over 37% since 9 January. Repeats the board's known position.