25 Sept 2020other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, current to 24 September 2020. Administrative compliance filing; no new information on assets or finances.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 July 2020quarterly activities report▲ Good
June quarter: NOPTA approved the T/49P transfer (ConocoPhillips 80%, 3D Oil 20%) and A$5m was received. VIC/P74 assignment to Hibiscus was approved by NOPTA in early July, and the Sauropod survey approval was granted. No new drilling results.
14 July 2020regulatory community update▲ GoodMajor
NOPSEMA approved the Sauropod 3D seismic survey environment plan for WA-527-P, covering up to 3,447 km2 and scheduled for January-April 2021. Resolves the pending assessment; it aims at Dorado-style channel traps and the Whaleback and Salamander leads.
14 July 2020investor presentation● Neutral
Proactive Investors presentation repeating known facts: the ConocoPhillips T/49P farm-out (A$5m cash, free 3D seismic, US$30m well carry), 100% WA-527-P, and the Hibiscus Gippsland partnership. No new information.
30 June 2020other● Neutral
Administrative filing of the updated Securities Trading Policy under ASX Listing Rule 12.10. No new information on assets or finances.
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.
30 Apr 2020quarterly activities report● Neutral
March quarter: JOA signed 23 March, cutting 3D Oil's T/49P stake to 20%, with NOPTA approval awaited. WA-527-P extension granted to 28 Dec 2021, with the Sauropod survey now aimed at Q1 2021. No new results; no WA-527-P deal yet.
1 Apr 2020regulatory community update▲ Good
NOPTA granted WA-527-P a 21-month suspension and extension, giving until 28 December 2021 to acquire at least 510 km2 of 3D seismic. Resolves the extension thread; farm-out talks continue, with the best-estimate resource 349 MMbbl (unrisked).
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.
13 Mar 2020half year report● Neutral
Half-year report to 31 December 2019: review of operations repeats the ConocoPhillips T/49P farm-out terms (75%, A$5m, free survey, US$30m carry), WA-527-P extension application and VIC/P74 analysis. Financial statements are not shown in the excerpt.
20 Feb 2020investor presentation● Neutral
February 2020 investor update promotes the ConocoPhillips T/49P farm-out (A$5m cash, free survey, US$30m carry; about A$65m total spend by ConocoPhillips per the company). Portfolio and resource figures repeat earlier announcements; still conditional on a JOA and approvals.
20 Feb 2020investor presentation● Neutral
Amended re-release of the February 2020 investor update with the same content as the original: ConocoPhillips T/49P farm-out and existing portfolio figures. Appears to be a formatting correction; no new information.
30 Jan 2020quarterly activities report● Neutral
December quarter: T/49P farm-out to ConocoPhillips executed, with the Year 5 extension to 21 Feb 2021 now covered by the free survey. WA-527-P Sauropod EP is still under NOPSEMA assessment, so a 21-month extension (to Dec 2021) was sought, targeting Q1 2021. Farm-in talks continue.
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.
17 Dec 2019other● Neutral
ASX paused trading in 3D Oil securities pending a further announcement. No reason given in the text; the next-day T/49P farm-out announcement suggests (inference) it was a trading halt ahead of that news.
14 Nov 2019regulatory community update▲ Good
T/49P awarded a 12-month suspension of the Year 5 work commitment and permit extension to 21 February 2021, resolving the pending application. Proposes acquiring 1,580 km2 of 3D seismic in Sept-Oct 2020, subject to NOPSEMA approval.
11 Nov 2019investor presentation● Neutral
AGM presentation largely repeats known points: WA-527-P 100%, T/49P 10 TCF, VIC/P74 farmed out to Hibiscus. Shows share price A$0.093, 264.8m shares, market cap A$24.6m, cash A$1.4m at 30 Sept 2019, no debt. No new results or deals.
31 Oct 2019quarterly activities report▼ BadMajor
September quarter: no suitable seismic vessel found for the T/49P Dorrigo survey, so a Year 5 suspension and extension was applied for, allowing until 21 February 2021. Sauropod survey now early 2020 or early 2021; VIC/P57 Pointer and Felix now drill-ready; Hibiscus takes 50% of VIC/P74.
11 Oct 2019annual report● Neutral
Second lodgement of the 2019 annual report, with the same content as the 30 September version: chairman's call for patience, Dorrigo approval, VIC/P74 at 50%. Re-release; financials not shown in the excerpt.
7 Oct 2019security holder rights change● Neutral
ASX granted a waiver letting the AGM notice seek approval to issue shares to directors Newell, De Maria and Tchacos in lieu of remuneration without stating issue date or price, subject to conditions including issue by 14 December 2020 and a dilution example.
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.
30 Sept 2019annual report● Neutral
2019 annual report: the chairman stresses patience in attracting majors, cites first-submission NOPSEMA approval of the Dorrigo plan, and notes Dorado-3 confirmed hydrocarbons. Describes VIC/P74 as 50%. Financial statements not shown in the excerpt.
30 Sept 2019other● Neutral
Appendix 4G corporate governance checklist lodged with the 2019 annual report, pointing to the governance statement on the company website. Administrative filing with no new information on assets or finances.
30 July 2019quarterly activities report● Neutral
June quarter: WA-527-P data rooms continue with large E&P companies and Sauropod 3D plan lodged with NOPSEMA for early 2020. VIC/P57 technical work done and farm-out started; T/49P seismic vessel being sought for Sept-Oct. VIC/P74 award noted. No deal signed.
26 July 2019asset acquisition disposition▲ GoodMajor
3D Oil awarded VIC/P74 (1,006 km2) in the Gippsland Basin next to the giant Kingfish field, with a modest work commitment mostly of buying reprocessed seismic. Hibiscus can elect to take up to 50%. A new exploration permit for the portfolio.
15 May 2019regulatory community update▲ GoodMajor
NOPSEMA approved the environmental plan for the Dorrigo 3D seismic survey in 100%-owned T/49P, scheduled late 2019. Resolves the pending approval thread; the survey targets leads including Seal Rocks (4.64 TCF best estimate, unrisked).
29 Apr 2019quarterly activities report● Neutral
March quarter: WA-527-P farm-in process advanced, with several mostly international partners completing technical diligence; seven reprocessed 2D lines further support the Dorado-style channel. Sauropod 3D survey planning begun for late 2019/early 2020. T/49P environment plan submitted; no deal signed.
11 Apr 2019investor presentation● Neutral
Taylor Collison East Coast Gas Day presentation largely re-uses the March update: same three permits and resource figures. Updated price A$0.12, market cap A$31.8m. No new results or transactions.
12 Mar 2019investor presentation● Neutral
March 2019 investor update repeats known points: WA-527-P (100%) next to Dorado-1, T/49P 10 TCF, VIC/P57 Felix 15.9 MMbbl and Pointer 235 Bcf. Shows share price A$0.115, 265.2m shares, cash A$2.9m at 31 December (A$1.5m on deposit), no debt.
1 Mar 2019half year report● Neutral
Half-year report to 31 December 2018 repeats known points: WA-527-P channel and leakage work with multiple companies engaged, T/49P environmental plan lodged 30 January and extension granted, VIC/P57 reprocessing data received. Financial statements are not shown in the excerpt.