Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2022farm in farm out agreement▲ Good
A joint operating agreement for VIC/P79 is signed with ConocoPhillips Australia, meeting a key condition of the July farmout. 3D Oil gets US$3m and keeps 20%, carried for the first US$35m of the well. Completion awaits government approval.
1 July 2022farm in farm out agreement▲ GoodMajor
3D Oil farms out 80% of VIC/P79 and operatorship to ConocoPhillips Australia for US$3m (~A$4.35m) upfront, keeping 20%. It is carried for the first US$35m of well costs, with a well due by February 2025. Subject to a joint operating agreement and approvals.
8 June 2022resource reserve update▲ GoodMajor
Two new VIC/P79 gas leads, Defiance (32.5 Bcf) and Trident (37.2 Bcf), are added beside the La Bella discovery, totalling 69.7 Bcf best estimate in-permit. They sit alongside the Vanguard prospect (161 Bcf), which was unchanged from the February award.
3 Nov 2021drilling result▲ GoodMajor
Sequoia survey finished on 31 October 2021, covering about 1,700 km2, below the approved 2,450 km2 because of weather. All pre-existing leads were covered and ConocoPhillips' 1,580 km2 minimum commitment is met. Processing and a possible drilling decision come next; 3D Oil paid nothing.
15 Oct 2021drilling progress report● Neutral
Sequoia survey in T/49P had acquired about 1,790 line km by 13 October 2021, with weather slowing work. The most prospective areas are being prioritised before the permit's end-October window closes. 3D Oil pays nothing; carried up to US$30m on any well.
7 Oct 2021resource reserve update▲ GoodMajor
3D Oil upgraded VIC/P74 gas estimates after adding Emperor Subgroup volumes. Oarfish rose to 544 Bcf from 338 Bcf, now the largest lead, and Megatooth to 465 Bcf from 204 Bcf, giving an arithmetic best-estimate total of 1,855 Bcf. Farm-out talks continue.
27 Aug 2021drilling progress report▲ GoodMajor
Sequoia 3D seismic acquisition in T/49P began on 27 August 2021, covering about 2,500 km2 over roughly 60 days. 3D Oil holds 20% and pays nothing; ConocoPhillips may later elect to drill, carrying 3D Oil for up to US$30m.
11 Aug 2021drilling scheduled▲ Good
ConocoPhillips will shortly start the Sequoia 3D seismic survey in T/49P using the Geo Coral, now about 2,500 km2 over roughly 60 days. This follows NOPSEMA's acceptance of the environment plan. 3D Oil pays nothing under the farm-out.
16 Feb 2021resource reserve update▲ GoodMajor
New VIC/P74 prospective resource estimate: four gas leads totalling 370 MMboe best estimate. The largest, Bigfin, holds 502 Bcf gas and 19 MMbbl condensate near Kingfish. Builds on the earlier CGG seismic reprocessing and the BigFin lead flagged in January; these are undrilled leads, not discoveries.
9 Oct 2020farm in farm out completion▲ GoodMajor
NOPTA approved Hibiscus entering VIC/P74 on 8 October 2020. 3D Oil stays operator with 50%, completing the arrangement Hibiscus elected in October 2019. The 1,006 km2 permit's work programme is described as fully funded.
11 June 2020farm in farm out completion▲ GoodMajor
NOPTA approved the transfer, completing the T/49P farm-out: ConocoPhillips holds 80% and operates, and 3D Oil keeps 20%. 3D Oil receives A$5m within two weeks; ConocoPhillips funds at least 1,580 km2 of 3D seismic and may carry up to US$30m on a well.
26 Mar 2020farm in farm out agreement● NeutralMajor
3D Oil and ConocoPhillips signed the JOA, satisfying a key farm-out condition. Revised terms: ConocoPhillips takes 80% and 3D Oil keeps 20% (down from 25%), paying 10% of costs until US$30m is spent on a well. A$5m cash and free survey unchanged; government approval pending.
18 Dec 2019farm in farm out agreement▲ GoodMajor
3D Oil farmed out T/49P to ConocoPhillips Australia, which takes 75% and operatorship. 3D Oil gets A$5m cash, a free 1,580 km2 3D survey (planned Q3 2020) and a carry of up to US$30m on any well. Conditional on a JOA and government approvals.
4 Oct 2019farm in farm out completion▲ GoodMajor
Hibiscus Petroleum elected to join a joint venture in VIC/P74, taking 50% equity, with 3D Oil remaining operator at 50%. Exercises the pre-bid right noted at the July permit award; brings in a partner on the new Gippsland permit.
26 Feb 2018resource reserve update▲ GoodMajor
Review of WA-527-P identifies over fifteen oil leads, with three leads totalling a best estimate of 349 MMbbl of prospective oil (unrisked arithmetic total). 3D Oil will start a farm-out campaign this quarter. First resource estimate for this permit, which has no wells.
27 July 2017resource reserve update▲ GoodMajor
June quarter: T/49P best-estimate prospective resource upgraded to about 10 TCF of recoverable gas (Flanagan trimmed to 1.34 TCF; central and southern leads 8.7 TCF). VIC/P57 Pointer gas prospect 235 Bcf and Felix oil 16 MMbbl; JV will renew the permit. Farmout continues.
21 Oct 2016farm in farm out agreement▲ Good
3D Oil says T/49P farmout talks with a number of companies are advanced, but stresses a deal is not guaranteed. It repeats Flanagan at 1.38 TCF and says Seal Rocks may be larger than previously mapped. No agreement signed.
16 Nov 2015drilling progress report● Neutral
Sea Lion-1 has been plugged and abandoned, and the West Telesto rig released and demobilised from VIC/P57. This closes out the drilling operations; the well found no commercial hydrocarbons.
10 Nov 2015drilling result▼ BadMajor
Sea Lion-1 is a dry hole: wireline evaluation and fluid sampling found no zones of commercial hydrocarbons, reversing the 9 November hydrocarbon indications. The well will be plugged and abandoned. 3D Oil's 24.9% share of costs was carried to US$7.5m.
9 Nov 2015drilling result▲ GoodMajor
Sea Lion-1 reached 1,672m total depth, intersected the target zones and encountered indications of hydrocarbons. Whether there is a commercial accumulation is not yet known; wireline logging is still to be analysed. Early, unconfirmed positive.
2 Nov 2015drilling progress report● Neutral
Sea Lion-1 reached 1,008m and is running casing as planned. Total depth target remains 1,800m, with completion expected within about 2–3 weeks. No result yet.
26 Oct 2015drilling spud▲ GoodMajor
Sea Lion-1 began drilling on 26 October 2015 after the long rig delay, with the West Telesto on site since 22 October. Planned depth is 1,800m over 3–4 weeks, targeting 11.0 mmbbl (P50). 3D Oil holds 24.9%, carried to US$7.5m.
22 Oct 2015resource reserve update▲ GoodMajor
First resource estimate from the Flanagan 3D survey: Flanagan prospect 1.38 TCF recoverable gas (best estimate), and 6.82 TCF across T/49P including five leads. Company calls Flanagan drill-ready and will seek farm-in partners. These are unrisked prospective resources, not discoveries.
16 Oct 2015drilling scheduled▲ Good
Sea Lion-1 is expected to spud late the following week now that the West Telesto rig has mobilised from its previous job. Planned depth is 1,800m, about 3 weeks. P50 prospective resource is 11.0 mmbbl; 3D Oil's costs are carried to US$7.5m.
29 Sept 2015drilling scheduled▼ Bad
Sea Lion-1 is delayed further with no new date given; weather is still preventing the West Telesto rig's handover. The company says the delay carries no material cost to the joint venture and the market will be told when the rig is released.
1 Sept 2015drilling scheduled▼ Bad
Sea Lion-1 spud slips again, to about mid-September, with the company attributing the delay entirely to Bass Strait weather holding up rig handover, not at material expense to the joint venture. Preparations are complete.
12 Aug 2015drilling scheduled▼ Bad
Sea Lion-1 spud is pushed again, now to late August, because the West Telesto rig has not yet been released by its current operator; timing is weather dependent. 3D Oil's share remains carried up to US$7.5m.
11 Dec 2014drilling result▲ GoodMajor
The 974 sq km Flanagan 3D survey in T/49P is complete, on schedule, within budget and without safety incident. Processing and interpretation will take months, with results expected mid-2015. Joint venture now 3D Oil 70%, Beach 30%.
24 Nov 2014farm in farm out agreement▲ GoodMajor
Beach Energy will earn a further 10% of T/49P by paying more of the expanded 974 sq km Flanagan survey, taking 3D Oil to 70% and operator, Beach 30%. Final cash share depends on final survey cost. Reduces 3D Oil's cash exposure.
18 Nov 2014farm in farm out completion● NeutralMajor
HiRex exercised its option for 20% of VIC/P57, completing the Hibiscus/HiRex package approved 11 August. 3D Oil now holds 24.9%, fully funded up to US$30m gross cost of Sea Lion-1, due Q2 2015. Regulatory registration still pending.
