Each one in plain English, with the numbers worked through for a shareholder.
12 Mar 2009resource reserve update▲ GoodMajor
West Seahorse 2P reserves plus best-estimate contingent resource rise to 8.7 MMstb from 7.86 MMstb in August 2008. 1P reserves rise 32% to 4.1 MMstb. This used independent consultants, and 3D Oil is considering seeking a joint venture partner for development.
6 Mar 2009business combination● NeutralMajor
Drillsearch formally lodges its Bidder's Statement: 4 Drillsearch shares per 3D Oil share, for all 3D Oil shares. This turns the intended bid into a formal offer, which 3D Oil's board has said it intends to reject.
6 Mar 2009business combination● NeutralMajor
3D Oil's board formally recommends shareholders reject Drillsearch's all-scrip offer, calling it opportunistic. It says Drillsearch's share price fell over 30% since the interest was announced. A full Target's Statement is expected in late March.
6 Mar 2009half year report● Neutral
Half-year report to 31 December 2008. It repeats the MOPU-based West Seahorse development concept (5-year lease proposal) and says a reserves update is due shortly. Two new Vic/P57 leads (Lucifer, Kangafish) are noted. Financial figures not shown in the text provided.
6 Mar 2009business combination● Neutral
Drillsearch's media release on its bid: 4 shares per 3D Oil share, a 47% premium to the 7.9c price on 9 January, valuing 3D Oil at about $24m. It holds 19.9% via pre-bid agreements, and the offer needs 50.1% acceptance. Promotional, from the bidder.
4 Mar 2009business combination● Neutral
Drillsearch confirms it will proceed with its offer and intends to lodge its bidder's statement no later than 6 March 2009. This follows 3D Oil's claim that the earlier deadline was missed.
3 Mar 2009business combination● Neutral
3D Oil says Drillsearch missed the deadline to lodge its Bidder's Statement, due 2 March, and that it would not have consented to an extension. Dispatch must occur by 16 March. This is 3D Oil's own account of the bid's progress.
23 Jan 2009director officer appointment● NeutralMajor
Chairman Peter Willcox steps down, citing the takeover workload and other commitments. Director Campbell Horsfall becomes chairman and company secretary Melanie Leydin joins the board. Gresham Advisory (financial) and Baker & McKenzie (legal) are hired to handle the Drillsearch bid.
16 Jan 2009business combination● NeutralMajor
3D Oil's board says its present intention is to reject Drillsearch's intended all-scrip offer, as it does not reflect the company's value. MD Noel Newell, holding 18%, does not intend to accept. Shareholders need take no action.
16 Jan 2009business combination● NeutralMajor
Drillsearch announces its intention to make an off-market takeover for 3D Oil at 4 Drillsearch shares per 3D Oil share, with a 50.1% minimum acceptance condition. It already holds a relevant interest in 19.9%. This turns the earlier pre-bid agreements into a firm intended bid.
15 Jan 2009other● Neutral
Administrative notice: 100,000 unlisted options (60c, expiring 31 January 2011) cancelled at the holder's request. No other substance.
13 Jan 2009business combination● NeutralMajor
3D Oil responds to Drillsearch's deal with holders of 19.9% of its shares, under which they would accept a bid of at least 4 Drillsearch shares per share. No offer exists yet and no action is needed. Cash is about $12m (6c a share).
9 Dec 2008other● Neutral
Administrative notice: 695,000 unlisted options expiring 31 January 2011 were cancelled at the holder's request (First State fund). No cash or asset effect stated.
28 Nov 2008investor presentation● Neutral
AGM presentation recaps known facts: West Seahorse 7.86 MMstb, 16 T41-P leads, two new Vic/P57 leads. Adds cash of $12m at 31 October 2008 and market cap of $14.5m. Strategy is to seek partners and delay non-critical exploration spend.
24 Oct 2008annual report● Neutral
Annual report 2008 re-release of the annual financial report, with the same MD letter: West Seahorse is marginal but commercial, 7.86 MMstb, and 23 leads and prospects across both permits. No new substance.
30 Sept 2008annual report● Neutral
Annual report to 30 June 2008. The MD calls West Seahorse marginal but commercial, says cash covers at least two years, and now thinks an alternative to the stand-alone onshore-plant concept may give higher returns. Auditor is now Grant Thornton.
22 Aug 2008resource reserve update▼ BadMajor
West Seahorse is now put at 7.86 MMstb of 2P reserves plus best-estimate contingent resource, down from the earlier 10.3 MMstb. It splits 4.63 MMstb 2P reserves and 3.23 MMstb contingent. This is an in-house estimate; independent certification is planned.
29 July 2008investor presentation● Neutral
July investor update recaps the wells: results were below pre-drill expectations. Pre-drill depth predictions used the wrong method. Cash was about $8m at 30 June; Esso tie-in talks (aiming for an MOU) and a stand-alone option continue. Mostly known facts.
12 June 2008investor presentation● Neutral
Activities update repeating known results: West Seahorse-3 N1 oil confirmed and suspended; Wardie-1 oil in poor reservoir. The aim is to progress West Seahorse development; reserves work continues and T41-P seismic is being processed. No new figures.
21 May 2008drilling result▼ BadMajor
Wardie-1 found oil in thin sands at 1,582-1,594m, but reservoir quality is too poor to keep, so it will be plugged and abandoned. 3D Oil says it is funded with no work commitments outstanding; Sea Lion (20.7 MMbbl mid-case) is next.
19 May 2008drilling result▼ Bad
Wardie-1 reached 1,766m. The top of the Latrobe's coarse clastics came in 14m deep, with hydrocarbon shows over about 25m but very limited reservoir quality and no other significant shows. Logging and sampling will decide the next step.
16 May 2008drilling progress report● Neutral
Wardie-1 is at 722m with 13 3/8 inch casing cemented, testing the blowout preventer. Latrobe target still expected early next week, with planned final depth of 1,790m. No new result.
13 May 2008drilling progress report● Neutral
Wardie-1 is at 171m drilling 17.5 inch hole. The Latrobe Group target is expected early next week. No new result.
12 May 2008drilling spud● NeutralMajor
Wardie-1 spudded on 10 May from the same location as West Seahorse-3, and was at 136m. 3D Oil also says West Seahorse-3 is suspended and can be completed as a producer or sidetracked; a velocity variation put deeper zones lower than predicted.
7 May 2008regulatory community update▲ Good
The 2,200km T41-P Bass Basin seismic survey finished on 4 May, ahead of schedule and under budget, with no weather downtime. 3D Oil holds 100% of the permit; the new data will be used to mature four known leads into drillable prospects.
6 May 2008drilling result● NeutralMajor
West Seahorse-3 found an 8m oil column in the top Latrobe N1 sand, confirmed by fluid samples, with excellent reservoir quality. The other two expected oil zones (N2.6 and P1) were deeper than predicted and showed no moveable oil. The well is to be suspended; Wardie-1 follows.
5 May 2008drilling progress report▲ Good
West Seahorse-3 reached 1,810m. The top Latrobe reservoirs came in near prognosis at about 1,558m, with hydrocarbon indications throughout. Logging and sampling will establish whether the oil is moveable.
2 May 2008drilling progress report● Neutral
West Seahorse-3 is still at 1,123m with casing cemented, testing the blowout preventer. Drilling to 1,863m is planned, with the Latrobe target expected over the weekend. No new result.
29 Apr 2008drilling progress report● Neutral
West Seahorse-3 at 1,123m with 13 3/8 inch casing being cemented; Latrobe targets expected by the weekend. The T41-P seismic is 62% recorded of the planned 2,200km.
24 Apr 2008drilling spud▲ GoodMajor
West Seahorse-3 spudded at 4.15am on 24 April 2008, the first well of the campaign. It was at 105m depth, with the Latrobe Group primary target expected the following week.
