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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2009agm notice● Neutral
All five AGM resolutions passed on a show of hands, including re-election of Campbell Horsfall, election of Melanie Leydin as a director, and a change of company auditor. Administrative result.
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.
29 Oct 2009quarterly activities report● Neutral
September quarter report: Felix is put at over 100 MMbbl, with secondary targets of a further 60 MMbbl. West Seahorse costs were updated with WorleyParsons. T41-P 3D seismic is planned for early 2010 with a well in 2010-11. Cash fell to roughly $7.4m.
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.
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.
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.
31 July 2009quarterly activities report● Neutral
June quarter report: debt-free, and reviewing equity and debt options to fund West Seahorse. Mapping finds the Hippo prospect next to it, with potentially 1.5 MMbbl. T41-P now shows fifteen leads with over 800 MMbbl unrisked potential, and farm-out is being investigated.
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.
30 Apr 2009quarterly activities report● Neutral
March quarter report: debt-free, with West Seahorse 2P plus best-estimate contingent resource now 8.7 MMstb. Favoured development is a leased production unit exporting to an onshore tank. Drillsearch's offer had under 1% acceptances. Cash is not stated in the visible text.
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.