Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2013investor presentation● Neutral
AGM presentation repeats the West Seahorse plan, 9.2 mmbbl 2C resource and Britannia rig. Shows share price of 9 cents, market cap of $21.4m and net cash of $1.7m. Says a reserves announcement is expected shortly. Nothing new.
25 Nov 2013director officer appointment● Neutral
Non-executive director Philippa Kelly resigned after four years. The chairman credited her with work on the farm-out and financial management. No reason for leaving was given.
14 Nov 2013regulatory community update▲ GoodMajor
The regulator offered the joint venture a production licence over West Seahorse and approved the field development plan, with 90 days to accept. This is the licence long expected for Q3 2013. Final investment decision has slipped to early 2014 from Q4 2013.
25 Oct 2013annual report● Neutral
Glossy annual report repeats known points: final investment decision targeted within six months, Britannia rig bought, bank talks favourable, and a possible sell-down in VIC/P57 preferred to heavy share issuance. Intends to drill Sea Lion before the West Seahorse production wells. No new events.
1 Oct 2013capital raising announcement● NeutralMajor
3D Oil starts formal financing for West Seahorse, capex US$125-150m including the US$15m Britannia rig, plus a US$20m Sea Lion-type exploration well. Banks signal debt of 50-70%. Extra equity may come from farming down its 49.9% or issuing new 3D Oil shares.
27 Sept 2013annual report● Neutral
Annual report to 30 June 2013 recaps the completed Hibiscus farm-in (A$27m commitment), the Britannia purchase, the T/49P award and the aim of oil by early 2015. The excerpt shows no new events; financial figures were not in the text provided.
5 Sept 2013investor presentation● Neutral
Revised version of the 4 September conference slides. Adds net cash of A$2.1m at 30 June and says Britannia was bought with Hibiscus farm-in funds, with resale to a MOPU contractor planned in 2013. Otherwise repeats known facts.
4 Sept 2013investor presentation● Neutral
Good Oil Conference presentation restates the West Seahorse plan (9.2 mmbbl 2C, 49.9% interest, Britannia rig, up to US$150m capex, first oil possibly late 2014) and a market cap of A$23.8m. No new announcement.
19 July 2013material agreement▲ GoodMajor
The joint venture signed a US$12m purchase of the GSP Britannia jack-up rig, plus a US$3m service agreement, to convert into the West Seahorse production platform. Hibiscus's farm-in money funds it. The rig is planned to be sold and leased back, and first oil could come as early as late 2014.
29 May 2013regulatory community update▲ Good
The regulator issued a Notice of Sufficient Information for the West Seahorse production licence application, which triggers significant petroleum resource rent tax credits. The final development plan has also been submitted. The licence is still expected in Q3 2013, with first oil targeted by early 2015.
24 May 2013asset acquisition disposition▲ GoodMajor
3D Oil was awarded 100% of exploration permit T/49P in the offshore Otway Basin, Tasmania (4,960 sq km), next to the Thylacine gas field. Minimum work program is A$13.15m, mostly a 3D seismic survey in year 3. It plans to seek a farm-in partner. This is a new gas-focused permit after T/41P was relinquished.
29 Apr 2013regulatory community update▲ GoodMajor
The joint venture lodged its West Seahorse production licence application, following a favourable regulator response to the preliminary development plan. 3D Oil expects the licence to be awarded in Q3 2013. This delivers the early-2013 application step flagged earlier.
16 Apr 2013material agreement● NeutralMajor
The joint venture chose an offshore West Seahorse development: a leased mobile offshore production unit feeding a leased storage tanker, with initial rates up to 12,000 bopd and a 4-5 year field life. It chose this over the onshore plan to cut time to first oil, which stays on track for Q1 2015. WorleyParsons won the FEED contract.
21 Mar 2013other● Neutral
3D Oil forwards a Hibiscus announcement about Rex virtual drilling technology, which Hibiscus's Lime unit uses in the Middle East and Norway. It is not tied to VIC/P57. It notes Hibiscus expects VIC/P57 production from end 2014 to early 2015.
14 Mar 2013half year report● Neutral
Half-year report to 31 December 2012 restates the completed Hibiscus farm-in (3D Oil 49.9%) and West Seahorse's 9.2 mmbbl 2C resource. It now says the production licence application is expected in the second quarter of 2013, replacing 'early 2013'.
9 Jan 2013other● Neutral
Managing director Noel Newell reports his holding is 38,105,150 shares after the Hibiscus issue, which diluted his voting power from 18.45% to 16.05%. Notice of a substantial holder's change; no other new information.
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.
8 Jan 2013other● Neutral
Securities trading policy for directors and senior executives, covering insider trading rules and blackout periods. Administrative document with no new information on operations or finances.
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.
21 Nov 2012investor presentation● Neutral
AGM presentation repeats known facts: West Seahorse 2C contingent resource of 9.2 mmbbl, Sea Lion at 11.0 mmbbl, and the Hibiscus deal. It shows a share price of 9 cents and about 206m shares. Hibiscus's own evaluation gives a 2P resource of 7.3 mmbbl.
8 Nov 2012regulatory community update▲ Good
A location has been declared over the West Seahorse field, the required step before a production licence application, which is now expected early next year. The farm-in still awaits Hibiscus shareholder approval, expected December 2012. Oil is targeted by mid-2014.
30 Oct 2012other● Neutral
Cazaly Resources announces a Halls Creek copper project earn-in with 3D Resources Limited, a different company. It has no connection to 3D Oil and carries no information about it.
19 Oct 2012annual report● Neutral
Full 2012 annual report repeats the Hibiscus farm-in (A$27m for 50.1% of VIC/P57, A$29m total with the share placement) and mid-2014 first oil target. Adds a Sea Lion drilling plan and a Gurnard Formation estimate of 12 mmbbl oil in place (2C). Largely a re-release of the earlier summary.
5 Oct 2012regulatory community update▲ Good
Hibiscus Petroleum has received Foreign Investment Review Board approval for its VIC/P57 farm-in and its investment in 3D Oil. This clears one of the open conditions; completion is still expected in December 2012.
28 Sept 2012annual report● Neutral
Annual report to 30 June 2012 repeats the Hibiscus farm-in (50.1% for up to A$27m) and the T/41P relinquishment. It targets first West Seahorse oil in mid-2014, with farm-in completion expected December 2012. Oracle's failure to sign is recorded as the earlier attempt.
4 Sept 2012capital raising announcement▲ Good
3D Oil receives the full A$2,043,558 subscription money from Hibiscus, and Dr Kenneth Pereira joins the board. Shares are expected to be issued by December 2012 after Hibiscus shareholder and FIRB approvals. Funds go to West Seahorse and working capital.
15 Aug 2012investor presentation● Neutral
Presentation on the Hibiscus deal repeats the terms already announced: 50.1% of VIC/P57 for up to A$27m, plus a A$2.0m subscription for 30.96m shares at 6.6c. Farm-in completion is expected by December 2012. No new information.
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.
13 July 2012asset acquisition disposition▼ BadMajor
3D Oil will not renew its 100% T/41P Bass Basin permit after its six-year term. Renewal required a well within three years, which it says could not be justified given high risk and insufficient prospect size. Ends the Dalrymple farm-out effort and leaves VIC/P57 as the sole permit.
