Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2015quarterly activities report● Neutral
June quarter: Sea Lion-1 spud now mid-August, awaiting rig release from Origin's Yolla work; Year 3 permit extended to 9 November 2015. Flanagan processing is finished with good data, and updated T/49P resources are due about end September. Interests unchanged; cash figures not shown in excerpt.
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 2015quarterly activities report● Neutral
March quarter report: Sea Lion-1 now scheduled mid-2015 once the rig finishes Origin's Yolla work, and Flanagan data processing is 60% complete, with early indications of good quality. Interests unchanged at 24.9% VIC/P57 and 70% T/49P. Cash figures not shown in excerpt.
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%.
28 Jan 2015quarterly activities report● Neutral
December quarter report: West Telesto rig is en route to Victoria for Sea Lion-1 in Q2 2015, 3D Oil holds 24.9% of VIC/P57 and 70% of T/49P, and Flanagan survey finished. Farmout of T/49P expected from Q3 2015. Cash figures not shown in excerpt.
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%.
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.
31 Oct 2014quarterly activities report● Neutral
September quarter report recaps the Hibiscus approvals, the completed Beach deal (paid 21 August), Origin cost-sharing for the seismic vessel and the 1 October appointment of De Maria. HiRex has until 20 November to take 20% of P57. Appendix 5B figures not shown in excerpt.
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.
