Each one in plain English, with the numbers worked through for a shareholder.
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.
17 Nov 2014investor presentation● Neutral
Revised re-release of the 17 November AGM presentation; the visible content matches the original (net cash $17.5m, 974 sq km Flanagan survey). No substantive change identifiable in the text provided.
17 Nov 2014investor presentation● Neutral
AGM presentation recaps 2014: West Seahorse sold, Sea Lion rig contracted, Beach took T/49P stake, 974 sq km Flanagan survey under way. Net cash $17.5m, market cap $21.4m at 11 November. Nothing new.
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.
5 Nov 2014contract award▲ GoodMajor
Operator CHPL signed rig contracts for the West Telesto jack-up to drill Sea Lion-1, scheduled second quarter 2015, sharing costs with Origin. Sea Lion P50 prospective resource is 11.0 mmbbl. 3D Oil's share is carried up to US$7.5m.
29 Oct 2014contract award▲ GoodMajor
3D Oil contracted the Polarcus Asima to shoot the 755 sq km Flanagan 3D survey in T/49P from November, with Origin sharing mobilisation costs. Beach funds roughly 40% of cost. Whalebone and Flanagan leads total 7.8 TCF best estimate (company, unrisked); 10+ leads about 20 TCF.
29 Oct 2014asset acquisition disposition▲ GoodMajor
3D Oil received US$14.05m from CHPL, completing the sale of its 49.9% of West Seahorse for US$16m total. This ends its stake in the field. The earlier US$7.5m for the rig and 5% of P57 funds the Sea Lion well, now due in second quarter 2015.
22 Oct 2014asset acquisition disposition▲ GoodMajor
NOPTA approved and registered the Hibiscus transaction transfers. 3D Oil is to receive a further US$14.05m for West Seahorse, and the A$9m oil revenue obligation on VIC/P57 is extinguished. HiRex then has one month to take up its 20% VIC/P57 option.
17 Oct 2014annual report● Neutral
Glossy 2014 annual report restates the Managing Director's view: West Seahorse sale was right given funding conditions, and Sea Lion is to be drilled early 2015 with the West Telesto rig. Flanagan seismic vessel secured. Mostly repeats known facts.
1 Oct 2014director officer appointment● Neutral
3D Oil appointed Leo De Maria, a Chartered Accountant with experience in company and financial management, mergers and acquisitions and risk management, as a non-executive director.
30 Sept 2014annual report● Neutral
2014 annual report reviews the year: West Seahorse financing failed, leading to the Hibiscus deal approved 11 August, and Beach took 20% of T/49P. Expects to keep about 24.9% of VIC/P57. Flanagan seismic planned for November-December 2014. Financial figures not shown in excerpt.
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.
18 Aug 2014asset acquisition disposition● NeutralMajor
Hibiscus's subsidiary CHPL exercised its option to buy 3D Oil's remaining West Seahorse (VIC/L31) interest for US$14.05m, subject to NOPTA approval. 3D Oil will then hold no interest in the field. VIC/P57 stake will be 24.9% or 44.9% depending on HiRex.
11 Aug 2014agm notice▲ GoodMajor
Shareholders approved both Hibiscus and HiRex resolutions at the 11 August meeting, carried on a show of hands. Proxies were about 68.6m in favour and 200,000 against. This clears the main hurdle for the restructuring.
11 Aug 2014investor presentation● Neutral
Presentation for the 11 August meeting repeats the case for the Hibiscus deal: US$16m West Seahorse buyout, 25% of VIC/P57 funded with US$7.5m, and avoiding a roughly $50m equity raise. Sea Lion put at 11 mmbbl (P50). Nothing new.
31 July 2014security holder rights change● Neutral
Chairman's letter urges shareholders to approve the Hibiscus deal at the 11 August meeting, calling it a change from West Seahorse. Says it avoids a $40-50m equity raise; if rejected, Hibiscus is likely to start default proceedings. Funded 24.9% of Sea Lion, drilling April 2015.
7 July 2014material agreement▼ BadMajor
Binding deals with Hibiscus and HiRex follow the May heads of agreement: US$7.5m for 3D Oil's Britannia rig share and 5% of VIC/P57, about 6.07% of VIC/L31 handed over against US$1.94m owed, plus options over the rest of L31 and 20% of P57. Needs shareholder approval.
3 July 2014director officer appointment● Neutral
Non-executive director Dr Ken Pereira, the Hibiscus nominee, resigned effective 3 July 2014. No reason was given in the text.
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.
13 May 2014material agreement▼ BadMajor
3D Oil signs a largely non-binding heads of agreement with Hibiscus and HiRex after funding problems: US$2m working loan, Britannia rig sold to Hibiscus, West Seahorse obligations paid by giving up VIC/L31 equity. Strategy and timing to be reassessed; shareholder approval needed.
30 Apr 2014quarterly activities report▼ BadMajor
March quarter report says project debt markets are challenging, so West Seahorse financing needs more time and the final investment decision is delayed until funding is secured. Funding talks with partners are advanced. T/49P farm-out now actively pursued.
14 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 repeats the production licence, approvals and reserves milestones. Sea Lion is at final proposal status, and the JV has not chosen its Year 3 well target. The excerpt shows no financial figures.
12 Feb 2014listing compliance notice▼ Bad
ASX queried the low cash ($1.19m against a $600k quarterly outflow). 3D Oil says it can fund the current quarter, has cut non-essential spending, and expects to announce fundraising in the March quarter. It confirms listing rule compliance.
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.
20 Dec 2013investor presentation● Neutral
December investor update restates the West Seahorse plan (9.2 mmbbl 2C, Britannia rig, up to US$150m capex, 12,000 bopd) and T/49P. Shows a share price of 13c, market cap A$30.9m and net cash A$1.7m at 25 Nov. Nothing new.
12 Dec 2013investor presentation▲ Good
Update on T/49P gas permit (100% 3D Oil): Flanagan lead up to 3 TCF (headline) and 10+ leads totalling about 20 TCF unrisked. Farm-in talks are with several partners; 755 sq km 3D seismic likely summer 2014/15. Figures are company estimates, not drilled results.
12 Dec 2013admin correction● Neutral
Revised re-release of the 12 December T/49P gas update, with wording tidied (it corrects the permit acquisition year to May 2013). Content is otherwise the same as the original release.
6 Dec 2013regulatory community update▲ GoodMajor
The regulator awarded the joint venture production licence VIC/L31 over West Seahorse, resolving the pending licence. Final investment decision is expected early 2014 and production early 2015. 3D Oil holds 49.9%, with Hibiscus operating at 50.1%.
