Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2017annual report● Neutral
2017 annual report (re-lodged, following the 17 August version) pitches T/49P's roughly 10 TCF best estimate and the east coast gas shortage. It says large international companies are engaging on a farmout of the 100% interest, a time-consuming process. Financials not shown in excerpt.
17 Aug 2017annual report● Neutral
Appendix 4G governance checklist lodged with the 2017 annual report, pointing to the governance statement on the company website. Administrative; no business information.
17 Aug 2017annual report● Neutral
2017 annual report for year to 30 June 2017 restates 100% of T/49P, the roughly 10 TCF best-estimate upgrade and the continuing farmout talks. Excerpt is truncated; financial figures not shown.
27 July 2017resource reserve update▲ GoodMajor
June quarter: T/49P best-estimate prospective resource upgraded to about 10 TCF of recoverable gas (Flanagan trimmed to 1.34 TCF; central and southern leads 8.7 TCF). VIC/P57 Pointer gas prospect 235 Bcf and Felix oil 16 MMbbl; JV will renew the permit. Farmout continues.
28 Apr 2017quarterly activities report▲ Good
March quarter: 3D Oil now holds 100% of T/49P after Beach's 30% was assigned, and won WA-527-P. NOPTA approved moving the T/49P well to Year 5 and removing the VIC/P57 Year 5 well. A new T/49P lead and a VIC/P57 gas prospect were found; farmout continues.
29 Mar 2017asset acquisition disposition▲ GoodMajor
3D Oil was awarded WA-527-P, a 6,590 km2 Roebuck Basin permit in Western Australia, at 100%, from its December 2016 bid. Commitment is studies then 510 km2 of 3D seismic in Year 3; a well in Year 5 (about $30m estimated). It plans to seek a farm-in partner.
13 Mar 2017half year report● Neutral
Half-year report to 31 December 2016 repeats Beach's planned exit, taking 3D Oil to 100% of T/49P, and says NOPTA moved the Year 4 well commitment to Year 5. The farmout is described as progressing well, no deal. Financials not shown in excerpt.
31 Jan 2017quarterly activities report● NeutralMajor
December quarter: Beach Energy will withdraw from T/49P and assign its 30% to 3D Oil for nil consideration, lifting 3D Oil to 100%. The farmout continues with no deal, and 3D Oil bid in the December offshore acreage round. Operating cash outflow was $556k.
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.
26 Oct 2016quarterly activities report● Neutral
September quarter: cost cuts of over $600,000 a year (almost half of forecast overheads) and Ian Tchacos's board appointment are repeated. The T/49P farmout continues with large international companies under confidentiality, no deal. VIC/P57 has applied to swap its well commitment for studies.
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.
28 July 2016quarterly activities report▲ Good
June quarter: new studies on T/49P gas generation and seismic response are described as encouraging for Flanagan, and the international farmout continues with confidential talks. Year 3 extended to 21 February 2017. No deal yet.
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.
28 Apr 2016quarterly activities report● Neutral
March quarter: 3D Oil starts an international farmout of T/49P to large companies, aiming to drill Flanagan as soon as practicable. It has applied to NOPTA to suspend and extend Year 3. Interests unchanged at 70% and 24.9%.
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.
28 Jan 2016quarterly activities report● Neutral
December quarter confirms Sea Lion-1 found no commercial hydrocarbons and satisfied the VIC/P57 Year 3 commitment; the permit is now in Year 4 (studies only), with the joint venture refocusing on gas. T/49P resource estimates repeated; interests unchanged.
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.
29 Oct 2015quarterly activities report● Neutral
September quarter: Sea Lion-1 drilling started 26 October, and the VIC/P57 Year 3 term was extended to 9 January 2016. T/49P resources of 6.82 TCF and Flanagan 1.38 TCF were released. Interests unchanged; cash figures not shown in excerpt.
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.
