Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Apr 2008quarterly activities report● Neutral
March quarter report: West Seahorse-3 was drilling, the Worley Parsons concept study was complete, and T41-P seismic started in April. Cash at 31 March was $35.7m, down from $40.7m, after a $3.7m net outflow and a $1.3m exchange-rate loss.
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.
21 Apr 2008drilling scheduled● Neutral
West Seahorse-3 is expected to spud later this week, followed by Wardie-1 from the same location, with updates every Tuesday and Friday. The Pacific Titan has started the 2,200km T41-P seismic survey, expected to take about 20 days.
10 Apr 2008capital raising announcement● NeutralMajor
3D Oil raises $7.02m through a placement of 13.5m shares at 52c to institutional and sophisticated investors via Veritas Securities. Funds go to the West Seahorse and Wardie wells, a FEED study and working capital. It adds to the funding after the IPO's final call.
What it means for a shareholder
13.5m new shares at A$0.520 to raise about A$7.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
14 Mar 2008half year report● Neutral
Half-year report to 31 December 2007. Operations review repeats known facts: 100% of both permits, West Seahorse-3 expected to spud in April, Wardie comparable in size to West Seahorse, CNC and Worley Parsons development studies done. Financial figures not shown in the text.
6 Feb 2008drilling scheduled▲ Good
West Triton rig has arrived in Australia; West Seahorse-3 is expected to start late March, followed by Wardie-1. Development concept is a stand-alone unmanned wellhead platform with an onshore plant; a single well is assumed at 4,200 barrels a day initial rate over ten years.
31 Jan 2008quarterly activities report● Neutral
December quarter report: West Seahorse-3 and Wardie-1 to spud in April 2008 from one location on West Triton. Worley Parsons pre-FEED study under way, and the Pacific Titan is contracted for T41-P seismic, now due late in Q2 2008.
4 Jan 2008security holder rights change● Neutral
The 47,542 forfeited shares were sold on market at an average 67c, raising $32,088. The company now has 193,060,000 fully paid shares on issue, all partly paid shares now being fully paid.
20 Dec 2007capital raising announcement▲ Good
Further payments bring total final-call funds to $16.49m, 99.96% of shares. The remaining 47,542 unpaid shares ($7,131) will be forfeited and sold. Closes out the final-call thread with almost full take-up.
13 Dec 2007capital raising announcement▲ GoodMajor
Final 15c call on partly paid shares received from 98% of the 110m shares, $16.23m, completing the $44m IPO funding. Shortfall of 1.81m shares ($271,727) faces forfeiture and sale. Company says it is fully funded for the West Seahorse-3 and Wardie drilling.
29 Nov 2007investor presentation● Neutral
AGM presentation repeating known facts: 100% of Vic/P57 and T41-P, West Seahorse 10.3 MMstb, Wardie prospect, final 15c call due 6 December, two West Triton slots in late Q1 2008, first production anticipated 2010. No new results.
22 Nov 2007director officer appointment● Neutral
Melanie Leydin resigned as a director of 3D Oil effective 22 November 2007. She continued as Company Secretary and Chief Financial Officer.
15 Nov 2007resource reserve update▲ Good
3D Oil says new mapping shows the Wardie prospect may be comparable in size to West Seahorse (10.3 MMstb). Wardie volumes are undiscovered and still uncertain. West Seahorse-3 and Wardie-1 to be drilled from one location late in Q1 2008 on West Triton.
6 Nov 2007other● Neutral
209,000 ordinary shares come out of ASX escrow on 15 November 2007 but stay under voluntary escrow until 22 May 2009. Administrative notice.
16 Oct 2007drilling scheduled▲ GoodMajor
Wardie prospect, 1km south-west of West Seahorse, will be drilled early 2008 ahead of Sea Lion because of lower risk. A discovery could use West Seahorse facilities. Resource estimates not yet prepared; West Seahorse-3 and Wardie-1 could be drilled from one location.
16 Oct 2007quarterly activities report● Neutral
New Wardie prospect, 1km from West Seahorse, may be drilled ahead of Sea Lion as lower risk. A further six-month suspension was granted on the Year 3 work programme. T41-P seismic vessel expected to start in Q1 2008.
16 Oct 2007security holder rights change● Neutral
Timetable for the final 15c call on partly paid shares, due 6 December 2007. Partly paid trading ends 22 November; shares with payment still outstanding are forfeited on 20 December 2007.
28 Sept 2007annual report● Neutral
Annual report for year to 30 June 2007, first as a listed company. Says IPO and December 2007 call money will fund West Seahorse and Sea Lion drilling and T41-P seismic. West Triton rig is due in Victorian waters early 2008.
