Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2016investor presentation● Neutral
AGM presentation repeated T/49P at about 7 TCF best estimate (Flanagan 1.4 TCF) and said farmout talks with a number of companies were advanced. Net cash was $3.57m at 30 September 2016, and the major 2016 cost cut was restated.
21 Oct 2016annual report● Neutral
2016 annual report: the managing director calls Sea Lion-1 a 'massive disappointment' but stresses small stakes and farmouts to spread risk. It pitches the ready-to-drill Flanagan gas prospect and the east coast gas shortage. Excerpt is truncated; financials not shown.
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.
14 Oct 2016director officer appointment● NeutralMajor
Cost cuts worth over $600,000 a year: Chairman Campbell Horsfall and Melanie Leydin leave the board (she stays as Company Secretary), Noel Newell becomes Acting Executive Chairman, and Ian Tchacos joins as a director. Staff pay is cut; Horsfall gets four months' salary.
15 Sept 2016annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative; no business information.
15 Sept 2016annual report● Neutral
2016 annual report restates T/49P (70%, Beach 30%) activity: Year 3 extended to 21 February 2017, three new studies said to raise the probability of gas at Flanagan, and the farmout continuing. Financial figures not shown in excerpt.
3 May 2016regulatory community update▲ GoodMajor
NOPTA granted a 9-month suspension and extension of T/49P Year 3, giving the joint venture until about the first quarter of 2018 to drill Flanagan. This gives more time to find a farmout partner, which has not yet been secured.
8 Mar 2016half year report● Neutral
Half-year report to 31 December 2015 repeats the Sea Lion-1 dry result, the 24.9% VIC/P57 and 70% T/49P interests, and the 6.82 TCF resource estimate. Financial statements are not shown in the excerpt.
24 Nov 2015investor presentation● Neutral
AGM presentation recapping two years of achievements and T/49P (Flanagan 1.38 TCF best estimate). Shows net cash of $10.36m at 30 Sept 2015, share price A$0.041, and a Sea Lion cash call of about US$4m in December. Mostly repeats known facts.
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.
29 Oct 2015admin correction● Neutral
Amended September quarterly report, re-lodged the same day. The visible change is wording: the 6.82 TCF T/49P figure is now described as recoverable best estimate rather than in-place. Otherwise substance appears unchanged.
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.
23 Oct 2015annual report● Neutral
Annual report glossy version, headlined 'Sea Lion drilling to commence shortly'. The MD says the rig is expected in Q4, calls the coming months critical, and says a T/49P farm-down or Sea Lion discovery could matter. Largely repeats known facts.
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.
30 Sept 2015annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative; no business information.
30 Sept 2015annual report● Neutral
2015 annual report: confirms the US$16m West Seahorse sale, the 24.9% VIC/P57 stake carried for US$7.5m, and Sea Lion-1 now expected September 2015 after weather delays to the rig. Financial figures not shown in excerpt.
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.
14 July 2015other● Neutral
Notice that broker PAC Partners has started research coverage of 3D Oil, with the note on the company website. No new company information in the announcement itself.
28 May 2015investor presentation● Neutral
May investor update repeats the plan: Sea Lion-1 (24.9% of VIC/P57, 11 mmbbl best estimate) around July–August 2015, and T/49P (70%) prospect definition in Q3. Net cash $10.9m at end March. Nothing materially new; drilling timing slips slightly versus earlier updates.
17 Apr 2015admin correction● Neutral
Amended re-lodgement of the March 2015 quarterly report, apparently with minor wording corrections (e.g. 'mobilised delivered' fixed). Substance appears unchanged: Sea Lion-1 mid-2015, Flanagan processing 60% complete.
8 Apr 2015investor presentation● Neutral
April investor update repeats the 2015 plan: Sea Lion drilling now estimated around July 2015 (24.9% interest) and T/49P prospect mapping in Q3. Net cash $10.9m and share price $0.047 at end March, down from $0.09 in November. Says it is looking at new ventures.
13 Mar 2015half year report● Neutral
Half-year report to 31 December 2014 restates the completed Hibiscus deals (US$16m for West Seahorse), the 24.9% VIC/P57 stake carried for US$7.5m, and the completed Flanagan survey. Sea Lion-1 due Q2 2015. Financial figures not shown in excerpt.
12 Feb 2015joint venture update● Neutral
Forwards Hibiscus's release: West Telesto has arrived in Bass Strait and Sea Lion drilling is expected to start June 2015 after Origin's campaign, taking up to 30 days. Hibiscus puts prospective resource at 11 mmbbl (P50) to 15.3 mmbbl (P10). Interests: CHPL 55.1%, HiRex 20%, 3D Oil 24.9%.
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%.
