28 Aug 2024other● Neutral
Appendix 4G corporate governance checklist accompanying the annual report, with the governance statement on the company website. Administrative filing with no operational or financial substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2024asset acquisition disposition● NeutralMajor
3D Energi applied to NOPTA to surrender its 100% VIC/P74 Gippsland permit, after studies found risks in the Bigfin prospect (earlier 502 Bcf best estimate). No further commitments; surrender likely concluded by end-2024. Resources shift to the Otway drilling. This replaces the earlier plan to seek a farm-out.
10 July 2024contract award▲ Good
ConocoPhillips contracted subsea wellheads, conductor pipes, casing and liners for the 2025 Otway drilling. These count against 3D Energi's US$65m carry for two firm wells. Well locations are still unconfirmed pending 3D seismic interpretation.
24 June 2024farm in farm out agreement▲ GoodMajor
Farmout agreements with ConocoPhillips were amended so the US$30m T/49P well carry can be used in either T/49P or VIC/P79. Total carry stays US$65m, with 20% retained in both permits and no extra cost. Well locations are not yet chosen.
24 June 2024material agreement▲ GoodMajor
3D Energi signed a gas sales Right of First Refusal Deed with ConocoPhillips covering its 20% share of any future gas from VIC/P79 and T/49P. ConocoPhillips gets first access; the deed is meant to let 3D Energi capture market-parity pricing. No gas found yet.
15 Apr 2024regulatory community update▲ GoodMajor
NOPSEMA approved the two-year environment plan for the Sauropod 3D survey in WA-527-P, covering up to 3,447 km2. Acquisition is possible in January to May of 2024 or 2025. The company is still in talks with farm-in parties; none signed.
3 Apr 2024drilling scheduled● Neutral
The Transocean Equinox rig has left Singapore for Australia, first for a five-well Northwest Shelf contract. It is still expected in the Otway in Q1 2025, subject to approvals and rig availability. Confirms the existing schedule rather than changing it.
2 Apr 2024investor presentation● Neutral
April 2024 corporate presentation repeating known points: two carried Otway wells capped at US$65m, drilling in 2025, Monarch at 316 Bcf lifting the VIC/P79 total to 849 Bcf. No new announcements.
19 Mar 2024regulatory community update▲ GoodMajor
NOPTA approved a two-year suspension and extension of WA-527-P (100% owned). The deadline to acquire the Sauropod 3D survey is now 28 December 2025, and the permit term ends 28 December 2028. The company is still seeking a farm-in partner; none signed.
6 Mar 2024half year report● Neutral
Half-year report to 31 December 2023 mainly recaps known activity: Otway environment plan lodged, La Bella reprocessing done, T/49P extension approved, Sauropod plan under assessment. Financial statements are not shown in the excerpt provided.
20 Feb 2024capital raising announcement● NeutralMajor
Placement raising $3.3m at 5 cents per share, issuing 66.1m new shares, a 5.66% discount to the last close. Funds go to Otway exploration work and working capital. First raising since the 2018 one at 11.5 cents.
What it means for a shareholder
66.1m new shares at about A$0.0499 to raise about A$3.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Feb 2024investor presentation● Neutral
February 2024 presentation restating known themes: over 12 Tcf gross prospective gas, ConocoPhillips carry up to about $100m, nil debt, 265.4m shares. Cash was $1.5m at December 2023, down from about $3.2m at June 2023. No new results.
12 Feb 2024resource reserve update▲ GoodMajor
Reprocessed seismic shows a possible gas-water contact (flat spot) at the Monarch prospect in VIC/P79. Best-estimate prospective resource is 316 Bcf gross, now the largest undrilled prospect in the permit, with a 47% chance of success. 3D Energi holds 20%.
7 Feb 2024other● Neutral
3D Energi launched a new website after the name change. Administrative notice with no operational or financial substance.
31 Jan 2024resource reserve update▲ Good
Reprocessing of about 1,135 km2 of La Bella 3D seismic in VIC/P79 is complete, with markedly clearer images of the Rosetta and Monarch targets. This resolves the earlier imaging problem over Monarch. No new resource numbers; 3D Energi keeps 20%.
30 Nov 2023security holder rights change● NeutralMajor
Following shareholder approval at the 24 November AGM, 3D Oil Limited became 3D Energi Limited from 30 November 2023. The ASX code stays TDO. An amended constitution was also approved and lodged.
24 Nov 2023investor presentation● Neutral
AGM presentation repeating earlier themes: cash about A$3.2m (June 2023), nil debt, 265.4m shares, two wells funded by ConocoPhillips carry. Nothing new announced.
20 Nov 2023investor presentation● Neutral
Presentation on WA-527-P (100% owned) restating known prospectivity: 349 MMbbl best-estimate across three leads, near the Dorado discovery. The company says it is in talks with potential partners to fund the Sauropod 3D survey, now planned for 2024/2025. No farm-out signed.
28 Sept 2023annual report● Neutral
2023 annual report (year to 30 June 2023). The chairman's letter says the Otway joint venture with ConocoPhillips is the main strategy, with the carry on the first two wells about US$65m and the rig expected next year. Financial figures not shown in the excerpt.
28 Sept 2023admin correction● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2023, confirming the statement is on the company website and approved by the board. Administrative filing with no new substance.
3 Aug 2023investor presentation● Neutral
August 2023 investor presentation restating known facts: ConocoPhillips carries 3D Oil across two wells (US$35m firm plus US$30m optional, about A$100m), Transocean Equinox rig awarded, market cap about A$14m at 5.3 cents, nil debt. Gross prospective gas exceeds 12 Tcf; no new results.
12 July 2023contract award▲ GoodMajor
ConocoPhillips issued a Letter of Award for the Transocean Equinox rig to drill two firm Otway wells, plus 120 optional days. The rig is expected in Q1 2025. 3D Oil holds 20% and is carried on both wells, up to about US$65m.
27 June 2023resource reserve update▲ GoodMajor
Sequoia 3D processing in T/49P is complete (1,782 km2), later and harder than first expected, with Flanagan reprocessing merged in. Interpretation to rank gas prospects for drilling has begun. This resolves the long-awaited final volume; the company cites about 10 Tcf gross prospective resources, an earlier estimate.
19 June 2023auditor change● Neutral
RSM Australia replaces Grant Thornton as auditor after Grant Thornton resigned with ASIC consent. The company says it followed an audit tender considering tenure, experience and cost. Shareholders vote at the next AGM.
30 May 2023drilling scheduled● Neutral
ConocoPhillips began preparing an environment plan for up to six wells in VIC/P79 and T/49P, with submission to NOPSEMA planned Q3 2023. A seabed survey could start from January 2024. Drilling depends on approvals and rig availability. Largely restates the February plan.
20 Mar 2023listing compliance notice● Neutral
ASX says the suspension will be lifted immediately once the half-year report is lodged, resolving the 17 March suspension.
17 Mar 2023listing compliance notice▼ BadMajor
ASX suspended 3D Oil's shares from quotation for not lodging its periodic report by the due date. Normally lifted once the report is lodged.
17 Mar 2023half year report● Neutral
Half-year report to 31 December 2022, lodged late (the cause of the 17 March suspension). Confirms the VIC/P79 farmout completed and US$3m (about A$4.48m) received on 17 March 2023. WA-527-P work program suspension and extension applied for 1 December 2022. Financials not shown in the excerpt.
16 Mar 2023farm in farm out completion▲ GoodMajor
NOPTA approved transfer of 80% of VIC/P79 and operatorship to ConocoPhillips, completing the farmout pending since July 2022. 3D Oil keeps 20%, receives US$3m and is carried for up to US$35m on one well due by February 2025.
8 Mar 2023resource reserve update▲ GoodMajor
VIC/P79 resource upgrade: Essington (formerly Vanguard) best estimate rises from 161 Bcf to 246 Bcf. Six near-field La Bella leads add a combined 533 Bcf best estimate. La Bella 3D reprocessing has started, taking 8-10 months.