Each one in plain English, with the numbers worked through for a shareholder.
13 Nov 2014drilling progress report▲ GoodMajor
3D seismic acquisition has begun in T/49P, with 3D Oil at 80% and Beach 20%. The Flanagan survey area is about 970 sq km, up from the 755 sq km planned, and should finish by mid-December, weather permitting.
21 Aug 2014farm in farm out completion▲ GoodMajor
Beach Energy's purchase of 20% of the T/49P permit has completed, with 3D Oil receiving the remaining A$2.5m of the A$3m price. 3D Oil keeps 80% and operatorship. Talks continue with other potential farm-in partners.
16 June 2014farm in farm out agreement▲ Good
Beach Energy's own release confirms the binding agreement to buy 20% of T/49P from 3D Oil for A$3m, with 3D Oil remaining operator. Subject to regulatory approvals; seismic expected within twelve months. Duplicates the 3D Oil announcement.
16 June 2014farm in farm out agreement▲ GoodMajor
Beach Energy agrees to pay A$3m for 20% of the T/49P gas permit, valuing it at A$15m. 3D Oil keeps 80% and operatorship. This is the farm-in long sought; a 755 sq km seismic survey is planned for late 2014, and other talks continue.
14 Jan 2014resource reserve update▲ GoodMajor
Independent assessor GCA upgrades West Seahorse to 2P reserves of 6.5 mmbbl (2.9 mmbbl net to 3D Oil's 49.9%), up from the earlier 9.2 mmbbl contingent resource. Capex put at about US$140m. Financing and FID still expected early 2014.
8 Jan 2013farm in farm out completion▲ GoodMajor
The Hibiscus farm-in completes: Hibiscus holds 50.1% of VIC/P57 and becomes operator, 3D Oil keeps 49.9%. Hibiscus will fund the first A$27m, with A$20.25m already deposited in joint accounts. 30,963,000 shares were issued to Hibiscus. Ends the long search for a West Seahorse funder.
20 Dec 2012farm in farm out agreement▲ Good
Hibiscus shareholders approved the VIC/P57 farm-in and the 3D Oil share subscription on 19 December. This satisfies the substantive remaining conditions, with completion expected in the following weeks. A$27m would fund West Seahorse development.
7 Dec 2012farm in farm out agreement● Neutral
Hibiscus will hold an extraordinary general meeting on 19 December 2012 to approve the VIC/P57 farm-in and the share subscription. Approval would satisfy the substantive remaining conditions. Oil is targeted in about two years.
15 Aug 2012farm in farm out agreement▲ GoodMajor
Hibiscus Petroleum (Malaysia) signs conditional deals to earn 50.1% of VIC/P57 by funding up to A$27m and to take about 13% of 3D Oil for roughly A$2.0m at 6.6c a share. Hibiscus would become operator and get 74.9% of production until its funding is recovered. Replaces the lapsed Oracle deal.
17 Feb 2012farm in farm out agreement▼ BadMajor
Oracle says it cannot finalise definitive documents on the original timetable and terms, so the 17 February deadline passes without a deal. Talks continue non-exclusively, 3D Oil is reopening talks with other parties and has retained Gresham Advisory Partners. Setback for the farm-out.
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 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.
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.
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.
12 Mar 2009resource reserve update▲ GoodMajor
West Seahorse 2P reserves plus best-estimate contingent resource rise to 8.7 MMstb from 7.86 MMstb in August 2008. 1P reserves rise 32% to 4.1 MMstb. This used independent consultants, and 3D Oil is considering seeking a joint venture partner for development.
22 Aug 2008resource reserve update▼ BadMajor
West Seahorse is now put at 7.86 MMstb of 2P reserves plus best-estimate contingent resource, down from the earlier 10.3 MMstb. It splits 4.63 MMstb 2P reserves and 3.23 MMstb contingent. This is an in-house estimate; independent certification is planned.
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.
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.
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.
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.
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.
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.
