Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2012quarterly activities report● Neutral
December quarter: reprocessed VIC/P57 seismic received and interpretation focused on Sea Lion and Felix; Dalrymple interpretation continues in T/41P. Oracle exclusivity runs to 17 February 2012. Cash fell to $2.76m after a $504k outflow. Bids were lodged in the November offshore bid round.
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 2011quarterly activities report● Neutral
September quarter: processing of the Dalrymple 3D survey in T/41P was completed and detailed interpretation began. The renewed VIC/P57 requires one well before August 2014 and another before August 2016, and the company expected to announce a farm-out in coming weeks. Cash fell to $3.27m.
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.
29 July 2011quarterly activities report● Neutral
June quarter: VIC/P57 renewal approved, West Seahorse engineering ready to start regulatory approvals, and farm-out talks are with four parties. Cash fell to $3.86m after a $1.16m quarterly outflow.
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.
29 Apr 2011quarterly activities report▲ Good
March quarter: after the GCA upgrade, 3D Oil says it received formal and informal offers for VIC/P57 and is talking to several parties, with no guarantee of a deal. Dalrymple survey is being processed, due Q3 2011. The Year 6 well requirement was waived.
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.
18 Jan 2011quarterly activities report● Neutral
December quarter report repeats the GCA upgrade to 9.2 MMstb and says the Dalrymple 3D survey in T41-P is set for early February 2011, sharing a vessel with Origin. FEED continues, including an onshore tie-in study. Cash fell to $7.6m.
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.
30 Nov 2010agm notice● Neutral
All five AGM resolutions carried on a show of hands, including the remuneration report, re-election of Leydin and Horsfall, election of Kelly, and ratification of an option issue. Administrative result.
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.
27 Oct 2010quarterly activities report● Neutral
September quarter: certification of West Seahorse reserves has begun, and partner talks with international companies are said to be advanced, with no guarantee of a deal. An exploration well commitment was swapped for seismic reprocessing. PGS Australia is awarded the T41-P survey for early 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.
30 July 2010quarterly activities report● Neutral
June quarter report: FEED is progressing, now expected to finish in the fourth quarter 2010, and partner talks continue with overseas companies. Reprocessing of 750 sq km of seismic starts in August. The T41-P Dalrymple survey has been re-tendered for around December. Cash $8.38m.
30 Apr 2010quarterly activities report▼ Bad
March quarter report: West Seahorse FEED has begun with WorleyParsons and farm-out talks continue with old and new parties. The T41-P Dalrymple 3D seismic survey is postponed to late 2010/early 2011 after the seismic vessel became unavailable; a 12-month permit extension was granted.
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.
29 Jan 2010quarterly activities report● Neutral
December quarter report: the farm-out review process will end shortly and terms with interested parties will be negotiated. A West Seahorse preferred development option is expected in the first quarter of 2010. Cash is $7.08m, and the T41-P well is now planned for 2011.
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.
