Annuncio • Jan 28
3D Energi Limited Provides Update Pertaining to the Otway Phase 1 Drilling Program in the VIC/P79 Exploration Permit 3D Energi Limited provides a Company update pertaining to the Otway Phase 1 Drilling Program in the VIC/P79 exploration permit where the Company has a 20% participating interest. Otway Phase 1 Drilling Program - Cost and Funding Update With the completion of drilling at the two gas discovery wells, Essington-1 and Charlemont-1, total well costs are materially higher than the original pre-drill cost estimates. Joint Venture cash calls for the drilling program are higher than originally forecast and a balance of approximately US$2.5 million remains outstanding by the Company which it does not currently have. A default notice has been issued by the Joint Venture operator to the Company with a remedy period to 6th February. Additional forecast Company drilling program expenditure subject to cash calls due on 6th February is currently estimated at approximately US$5.3 million, which if not paid by that date may well become the subject of an additional default notice and remedy period. Consequently, the Company is implementing a suspension of the trading of its shares on ASX while it addresses its funding position and the implications of payment default on the level of its ongoing interest in the permit. The Joint Operating Agreement for the Joint Venture contains industry standard mechanisms to address default payment matters, including notice, cure and cost reconciliation processes and potential dilution or buy-out of a party's participating interest. In the case of the Essington-1 well, the cost variance primarily reflects the decision to undertake an extensive wireline logging and Ora formation testing program following confirmation of a significant gas discovery in the Waarre A reservoir. These activities were undertaken based on success to appropriately assess the discovery and materially enhance technical understanding of the reservoir for commercial assessment. For Charlemont-1, material incremental costs arose from a combination of weather-related delays during mobilisation and the encounter of overpressured gas while drilling. These conditions necessitated a revised well design, additional casing, sourcing of supplementary equipment, regulatory approval from NOPSEMA (National Offshore Petroleum Safety, and Environment Management Authority), and the execution of a more complex evaluation program. As a result, the Charlemont-1 well duration extended by approximately 14 days beyond the original planned schedule, which directly resulted in additional rig time and associated operational costs. Otway Phase 1 Drilling Program - Results Following completion of Phase 1 of the Otway Exploration Drilling Program, the Transocean Equinox drilling rig has been demobilised and transferred to another operator in the Otway region. Phase 1 comprised the drilling of two exploration wells, Essington-1 and Charlemont-1, targeting prospects supported by 3D seismic data and located proximal to existing production infrastructure within the VIC/P79 exploration permit. Resulting in two (2) gas discoveries, the program has confirmed the extension of the established Otway gas fairway into the VIC/P79 exploration permit. Exploration activities at Essington-1 were completed in early December and natural gas was discovered in two reservoirs, the Waarre C and Waarre A. The well represents the first gas discovery in the Otway Basin since 2021. Charlemont-1 was completed in mid-January and encountered natural gas within a shallow Waarre C reservoir, with gas-bearing sandstones also intersected in the deeper Waarre A target interval. These results confirm the presence of hydrocarbons within the Charlemont Trend and support the prospectivity of the broader Charlemont Cluster. Essington is located approximately 12 kilometres from the nearest existing gas pipeline. Preliminary gas composition data indicates relatively low CO content of approximately 3-4%. Initial analysis also suggests the presence of associated liquids, with a preliminary condensate-gas ratio of approximately 30-33 stb/MMscf, subject to further laboratory-based compositional analysis. The discovery is located within the Otway Basin, a region that supplies gas into Australia's east coast market and is supported by established infrastructure. Infrastructure-adjacent discoveries in the basin may provide comparatively shorter development pathways, subject to further appraisal, regulatory approvals and commercial assessment. The Otway Basin continues to be referenced in public policy and industry commentary in the context of forecast east coast gas supply shortfalls. The Company is currently undertaking post-well analysis and integration of data acquired during Phase 1. This work will inform the technical and commercial assessment of the discoveries and consideration of any subsequent exploration or appraisal activities. Further updates will be provided to the market as appropriate. 3D Energi holds a 20% participating interest in the VIC/P79 exploration permit, in joint venture with operator ConocoPhillips Australia (51%) and Korea National Oil Corporation (29%). New Risk • Jan 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$62.6m market cap, or US$41.8m). Annuncio • Jan 14
3D Energi Limited Announces Gas Discovery At the Charlemont-1 Exploration Well Within Vic/P79 Exploration Permit, Offshore Otway Basin, Victoria 3D Energi Limited announced a gas discovery at the Charlemont-1 exploration well within VIC/P79 exploration permit, offshore Otway Basin, Victoria, where it holds a 20% participating interest. The wireline logging program has been completed across the Waarre C, B and A sandstones to fully evaluate the nature and extent of any hydrocarbons in these units. Gas Discovery Confirmed in the Waarre C. MDT operations successfully recovered a representative gas sample from a Waarre C sandstone at 2571.2m MDRT, confirming the presence of hydrocarbons. This direct confirmation is consistent with: Preliminary petrophysical interpretation from wireline logs, indicating several thin hydrocarbon-bearing sandstones coincident with intervals of elevated resistivity. Drilling observations, including elevated gas readings. On this basis, a valid gas gradient cannot be determined within the Waarre A. Despite this, MDT pressure data indicate that the Waarre C, B, and A units do not comprise a single, continuous gas column. No fluid samples were recovered from the Waarre A and the Ora wireline formation test will not be run. Gas Discovery Validates Charlemont Trend. Charlemont-1 has appraised the pen ultimate prospect at the down-dip extent of the Charlemont Trend, a prospect chain that extends up-dip to the La Bella gas discovery. Together, these results demonstrate gas charge at both ends of the Charlemont trend, with intervening prospects exhibiting consistent geophysical characteristics, including comparable amplitude anomalies. This continuity of geophysical response supports the interpretation of a gas-charged system along the Charlemont Trend. Otway Exploration Drilling Program Success. Charlemont-1 represents the second gas discovery under the Otway Exploration Drilling Program, following the recent Essington discovery, reinforcing the prospectivity of the Charlemont Cluster and the effectiveness of an infrastructure-led exploration strategy in the Otway Basin. Annuncio • Jan 08
3D Energi Limited Provides Update on Drilling Operations At the Charlemont-1 Gas Exploration/Appraisal Well Within Vic/P79 Exploration Permit, Offshore Otway Basin, Victoria 3D Energi Limited provided the following update on drilling operations at the Charlemont-1 gas exploration/appraisal well within VIC/P79 exploration permit, offshore Otway Basin, Victoria. Highlights. Probable gas presence in the Waarre C, B and Waarre A sandstones. Elevated gas readings and log resistivity are consistent with hydrocarbon presence. Charlemont-1 has reached total depth shallower to prognosis, approximately 70m into the Waarre A, after higher than anticipated formation pressures required a cessation of drilling. Scen scenarios for further wireline logging operations are being evaluated. Charlemont-1 is targeting the Charlemont B Prospect and is located approximately 55km offshore from Port Campbell, in water depths of approximately 110m. Charlemont B is the pen ultimate prospect at one end of a prospect chain, with the La Bella gas discovery at the other, approximately 7km to the east. All intervening prospects - including Charlemont B - share similar geophysical response as La Bella. Accordingly, Charlemont-1 has the potential to appraise the intervening prospects towards La Bella. Unless otherwise indicated "the Company", "we", "our", "us" and "3D Energi" are used in this announcement to refer to the business of 3D Energi Limited. New Risk • Jan 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 57% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (AU$81.0m market cap, or US$54.0m). Annuncio • Dec 24
3D Energi Limited has completed a Follow-on Equity Offering in the amount of AUD 14.5 million. 3D Energi Limited has completed a Follow-on Equity Offering in the amount of AUD 14.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 103,571,429
Price\Range: AUD 0.14
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Annuncio • Dec 16
3D Energi Limited has filed a Follow-on Equity Offering. 3D Energi Limited has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Subsequent Direct Listing New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$67.0m market cap, or US$43.7m). Annuncio • Oct 24
3D Energi Limited, Annual General Meeting, Nov 28, 2025 3D Energi Limited, Annual General Meeting, Nov 28, 2025. New Risk • Oct 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$44.8m market cap, or US$29.1m). Annuncio • Oct 07
3D Energi Limited has completed a Follow-on Equity Offering in the amount of AUD 9.37 million. 3D Energi Limited has completed a Follow-on Equity Offering in the amount of AUD 9.37 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 85,181,818
Price\Range: AUD 0.11
Transaction Features: Subsequent Direct Listing New Risk • Sep 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$45.0m market cap, or US$29.7m). New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$50.0m market cap, or US$32.1m). Annuncio • Apr 11
Transocean Equinox Arrives Ahead of Otway Exploration Drilling 3D Energi Limited announced that the Transocean Equinox has arrived in the Otway Basin ahead of the upcoming Otway Exploration Drilling Program (OEDP) in 2025. ConocoPhillips Australia (COPA) are Joint Venturers (and operators) of VIC/P79 and T/49P exploration permits in offshore Commonwealth waters of the Otway Basin. TDO retains a 20% participating interest in both permits. Highlights. Arrival in the Otway: The Transocean Equinox have safely and successfully arrived in the Otway Basin. Rig Consortium: The Transocean Equ in the Otway Basin has been commissioned for a consortium of operators in Australian Waters. An exciting exploration program: Two firm exploration wells are to be drilled in 2025 (Phase 1), followed by up to four additional optional wells (Phase 2) between 2026-2028, across exploration permits VIC/P79 andT/49P. Near-term drilling: The Joint Venture is scheduled to commence Phase 1 drilling in the third quarter of 2025, pending weather and any operational delays within the consortium. Preparations nearing completion: Seabed surveys are scheduled to commence in Commonwealth offshore permit area VIC/P79 in April 2025 ahead of exploration drilling. A critical gas project: the OEDP is critical to the future gas needs of southern Australia, given rapidly declining production from Bass Strait and forecast shortfall risks under peak conditions from 2028, and structural supply gaps from 2029. Transforming TDO: Success in this program could establish 3D Energi as a key player in meeting Victoria's and the broader east coast's future energy demands. Operational sequencing with the consortium will see the Joint Venture commence its Phase 1 drilling campaign in 2025, with ConocoPhillips Australia ("COPA") carrying up to USD 65 million in gross costs. The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with Direct Hydrocarbon Indications (DHI's), situated proximal to infrastructure. Amid tightening gas supply, the arrival of the Transocean Equinx reinforces the company's role in meeting future energy demand and unlocking long-term growth opportunities. Potential discoveries in this campaign could underpin many years of gas exploration in the region, providing a long-term solution to the East Coast gas shortage. The Transocean Equinx has arrived in the Otway for the OEDP. The state-of-the-art harsh weather semi-submersible drilling rig, Transocean Equinox, has arrived in the Otway basin. The rig is contracted for a minimum 16-well drilling campaign by through a consortium of four operators, including ConocoPhillips Australia (COPA), 3D Energi's Joint Venturer (JV) in the Otway. Current scheduling within the consortium has the Joint Venture commencing its OEDP Phase 1 drilling campaign in the third quarter of 2025. Exact timing depends on several factors, including receipt of all relevant regulatory approvals, and any operational delays, such as weather downtime, for consortium members drilling ahead of the Joint Venture. Annuncio • Apr 10
3D Energi Limited Announces Transocean Equinox Arrives Ahead of Otway Exploration Drilling 3D Energi Limited announced that the Transocean Equinox has arrived in the Otway Basin ahead of the upcoming Otway Exploration Drilling Program (OEDP) in 2025. ConocoPhillips Australia (COPA) are Joint Venturers (and operators) of VIC/P79 and T/49P exploration permits in offshore Commonwealth waters of the Otway Basin. TDO retains a 20% participating interest in both permits. Highlights. Arrival in the Otway: The Transocean Equinox have safely and successfully arrived in the Otway Basin. Rig Consortium: The Transocean Equ in the Otway Basin has been commissioned for a consortium of operators in Australian Waters. An exciting exploration program: Two firm exploration wells are to be drilled in 2025 (Phase 1), followed by up to four additional optional wells (Phase 2) between 2026-2028, across exploration permits VIC/P79 andT/49P. Near-term drilling: The Joint Venture is scheduled to commence Phase 1 drilling in the third quarter of 2025, pending weather and any operational delays within the consortium. Preparations nearing completion: Seabed surveys are scheduled to commence in Commonwealth offshore permit area VIC/P79 in April 2025 ahead of exploration drilling. A critical gas project: the OEDP is critical to the future gas needs of southern Australia, given rapidly declining production from Bass Strait and forecast shortfall risks under peak conditions from 2028, and structural supply gaps from 2029. Transforming TDO: Success in this program could establish 3D Energi as a key player in meeting Victoria's and the broader east coast's future energy demands. Operational sequencing with the consortium will see the Joint Venture commence its Phase 1 drilling campaign in 2025, with ConocoPhillips Australia ("COPA") carrying up to USD 65 million in gross costs. The OEDP will play a vital role in addressing east coast gas shortages, targeting low-risk gas prospects with Direct Hydrocarbon Indications (DHI's), situated proximal to infrastructure. Amid tightening gas supply, the arrival of the Transocean Equinx reinforces the company's role in meeting future energy demand and unlocking long-term growth opportunities. Potential discoveries in this campaign could underpin many years of gas exploration in the region, providing a long-term solution to the East Coast gas shortage. The Transocean Equinx has arrived in the Otway for the OEDP. The state-of-the-art harsh weather semi-submersible drilling rig, Transocean Equinox, has arrived in the Otway basin. The rig is contracted for a minimum 16-well drilling campaign by through a consortium of four operators, including ConocoPhillips Australia (COPA), 3D Energi's Joint Venturer (JV) in the Otway. Current scheduling within the consortium has the Joint Venture commencing its OEDP Phase 1 drilling campaign in the third quarter of 2025. Exact timing depends on several factors, including receipt of all relevant regulatory approvals, and any operational delays, such as weather downtime, for consortium members drilling ahead of the Joint Venture. Annuncio • Sep 23
3D Energi Limited, Annual General Meeting, Oct 24, 2024 3D Energi Limited, Annual General Meeting, Oct 24, 2024. New Risk • Feb 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (AU$4.2m revenue, or US$2.7m). Market cap is less than US$100m (AU$17.2m market cap, or US$11.3m). Annuncio • Oct 23
3D Oil Limited, Annual General Meeting, Nov 24, 2023 3D Oil Limited, Annual General Meeting, Nov 24, 2023, at 12:00 AUS Eastern Standard Time. Location: RSM Australia Partners Level 21, 55 Collins Street Melbourne Victoria Australia Agenda: To consider Receipt and consideration of Accounts & Reports;to consider Adoption of Remuneration Report; to consider Re-election of Ian Tchacos as a Director of the Company; to consider Renewal of approval under the Equity Incentive Plan;to consider Approval of Appointment of Auditor;and to consider other matters. Annuncio • Feb 04
3D Oil Limited Provides an Update on the Upcoming 2024/2025 East Coast Drilling Exploration Campaign with ConocoPhillips Australia 3D Oil Limited provided an update on the upcoming 2024/2025 East Coast drilling exploration campaign with ConocoPhillips Australia, operator of the VIC/P79 and T/49P exploration permits. TDO has a participating interest of 20% in both exploration permits. Drilling Campaign: ConocoPhillips Australia has provided an update on planned Otway Basin exploration activities to identify gas reserves to supply the domestic east coast gas market and contribute to Australia's energy security. ConocoPhillips Australia is currently preparing a drilling Environmental Plan ("EP") for up to 6 exploration wells between 2024-2028. The EP will cover both permits, providing flexibility to drill multiple locations within the permits during the EP window. ConocoPhillips Australia has initiated the consultation process with stakeholders and continues to progress towards the determination of final drill targets in parallel. Two (2) exploration wells are to be drilled as a part of the exploration campaign, which is planned over a window spanning late 2024/2025. TDO has a carry of one exploration well on each of T/49P and VIC/P79 permits, which together amount to the value of approximately USD 65 million as part of the T/49P and VIC/P79 farmout agreements with ConocoPhillips Australia. Program commencement is dependent on regulatory approvals and rig availability and may commence as early as October 2024. Final drill targets will be selected upon finalisation of a risked and ranked prospect inventory across both permits, following completion of the Sequoia 3D MMS processing and interpretation, as well as 3D seismic reprocessing and interpretation activities in VIC/P79. The Company has a USD 35 million carry on an exploration well in VIC/P79 as part of the Farmout Agreement. As the VIC/P79 exploration well falls within the primary term of the work programme (the first three (3) years), NOPTA considers the work commitment as `guaranteed' and the commitment is unlikely to be reduced. The current expiry date of the Primary Term is in February 2025. 3D Oil also has a USD 30 million carry on an optional exploration well in T/49P, a Year 6 work program commitment. Phase 3/3 of the Sequoia 3D processing is expected in First Quarter 2023 and TDO anticipates the release of updated prospective resource estimates in mid-2023. Exploration Well Planning: Well planning is currently progressing as ConocoPhillips Australia considers possible synergies with other operators planning drilling campaigns around a similar window within the area. ConocoPhillips Australia has progressed the well planning process and is actively looking to secure an appropriate rig. Preparation for relevant regulatory approval(s) is occurring concurrently. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Trevor Slater was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Sep 22
3D Oil Limited, Annual General Meeting, Nov 10, 2022 3D Oil Limited, Annual General Meeting, Nov 10, 2022. Agenda: To consider election of directors. Annuncio • Sep 02
3D Oil Limited Announces That South Australian Department for Energy and Mining Has Awarded Gsel 759 Gas Storage Exploration Licence in Onshore Otway Basin 3D Oil Limited announced that the South Australian Department for Energy and Mining has awarded the Company the GSEL 759 Gas Storage Exploration Licence in the onshore Otway Basin. The licence covers an area of 1.02km2, centrally located around the plugged and abandoned Caroline-1 wellhead, over part of the now depleted Caroline Field, originally used for the production of carbon dioxide in the Otway Basin. The Field is potentially suitable for the storage of hydrogen, natural gas, or carbon dioxide. As part of a strategy to adapt to the dynamics of the present energy sector, the Company will undertake a feasibility study in the coming months to ascertain which of these options will provide the best economic outcome while considering the ease of deliverability. The acquisition of GSEL 759 represents an exciting development opportunity for the Company in broadening 3D Oil's strategy in the rapidly changing East Coast energy market. The GSEL is ideally situated being located only 20km southeast of Mount Gambier and proximal to the South East Pipeline System. It comes shortly after the recent announcement of the acquisition and farmout of VIC/P79 in the offshore Otway Basin containing the low-risk gas Prospect Vanguard . The Caroline field was previously held by Air Liquide Australia Ltd. and was relinquished at the end of April 2022 having produced approximately 20 BCF of CO2. Caroline was discovered in 1967 during petroleum exploration drilling and flowed CO2 in commercial quantities at up to 99% purity. It became the single most profitable well in South Australia1. Food grade liquid CO2 was processed onsite continuously from 1968 until 2016. The field declined during the last decade of production and was shut in during 2017, plugged and abandoned in 2019 and the site remediated. The exciting new acquisition builds on TDO's demonstrated existing technical strengths and provides an opportunity to work with other parties to supplement additional technical requirements. Over the next few months, the Company will undertake technical work to better understand the reservoirs' suitability for gas storage applications, including storage capacity, reservoir deliverability and seal integrity, with a view to determining the most feasible business model from multiple gas storage and supply scenarios. An example includes the storage of natural gas, where storage is principally used to meet load variations. Gas is injected into the storage reservoir during periods of low demand and withdrawn from storage during periods of peak demand. It is also used for a variety of secondary purposes, including: Balancing the flow in pipeline systems. GSEL 759 has a 5-year minimum guaranteed work program that includes detailed reservoir and seal studies (including geomechanics), seismic reprocessing and interpretation, the development of a static and dynamic reservoir model, completions assessments and thedelivery of a final economic model. Annuncio • Jun 10
3D Oil Limited Announces New Near-Field Gas Exploration Targets 3D Oil Limited provided an update surrounding the delineation of additional prospectivity within the VIC/P79 exploration permit, Otway Basin, Victoria. This includes an update to the prospective resource estimates for leads and prospects released to the market on 4 February 2022. The company is 100% titleholder and operator of the VIC/P79 exploration permit, awarded in February 2022 as part of the 2020 Offshore Petroleum Exploration Acreage Release. The 2,576 km2 permit contains the highly prospective Vanguard Prospect (161 Bcf), located adjacent to the largest gas fields in the offshore Otway Basin, including Geographe and Thylacine. The La Bella gas discovery lies along the northeast margin of the permit, up-dip from the newly defined Defiance and Trident leads. Detailed seismic interpretation has been completed around the local La Bella-1 area and the newly identified leads have been correlated to the La Bella-1 offset well. Like the La Bella gas discovery, both leads exhibit amplitude conformance with structure, which is considered one of the most reliable and robust Direct Hydrocarbon Indicators, representing buoyancy driven fluid phase boundaries, and significantly reduces uncertainty around the presence of hydrocarbons. Defiance exhibits amplitude conformance with structure at both the Upper Waarre and Lower Waarre horizons, where the Upper Waarre horizon conforms with the deeper, larger gas zone at La Bella-1. RMS amplitudes at the Upper Waarre level do not extend west to Trident. The Defiance structure has an areal closure of 1.1-1.6km2, however, approximately 50% of the Defiance structure lies outside of the permit to the north and east. The structure has an in-permit best estimate prospective resource of 32.5 Bcf across both reservoirs, or 56.7 Bcf full structure. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Trevor Slater was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Feb 16
3D Oil Limited 'TDO' Announces VIC/P74 Prospective Resource Estimates 3D Oil Limited "TDO" announced that it has completed an estimate of the Prospective Resources for Leads and Prospects within the VIC/P74 exploration permit. TDO is operator (50%) of the Joint Venture 'JV' with its partner Carnarvon Hibiscus Pty Ltd. The permit is located along the southern terrace of the prolific Gippsland Basin, adjacent to Kingfish field, the largest ever offshore oil discovery in Australia. VIC/P74 covers an area of 1,006 sq km in water depths generally no greater than 80m. Most of the permit is covered by 1,000 sq km of 3D seismic data which was recently reprocessed by seismic company CGG. The permit contains numerous oil and gas shows and the Omeo gas-condensate discovery. Since licensing of the seismic reprocessing from CGG, TDO has finalised seismic interpretation and depth conversion studies. Results have revealed the presence of at least four Leads considered prospective for gas-condensate within the Golden Beach of the lower Latrobe Group. Two of these Leads are considered to host additional oil potential within reservoirs of the upper Latrobe group. Bigfin Lead: The largest of the identified Leads is Bigfin, a faulted anticline located in the north-east corner of the permit adjacent to the world class Kingfish Oil field. It has a potential areal closure of 29km2 and a vertical relief of up to 230m. The structure is located in shallow water (80m), drilling depths of 2,950m and is located proximal to established production infrastructure at nearby Bream field. Bigfin has a Best Estimate gas volume of 534 Bcf (502 Bcf in permit).
In conjunction with the Joint Ventures' other Leads and Prospects in the Gippsland Basin, as well as
those in the Otway Basin, Bigfin forms an important component of 3D Oil's south-east Australian gas
strategy which continues to accumulate high potential gas targets capable of providing resources to
Australia's domestic market. Natural gas forms an important component of Australia's energy mix
due to its role in both a low carbon future and the federal government's `gas-fired' recovery from the
coronavirus pandemic.
A series of three other leads also hosted by the Golden Beach including Stargazer, Oarfish and
Megatooth have an arithmetic Total Best Estimate Prospective Resource of 785 Bcf and 27 MMbbls
condensate.
Two of these leads, Oarfish and Megatooth also contain oil potential within high quality sands of the
Upper Latrobe Group. Megatooth is a fault dependent closure with well-developed sands at the top
F.longus interval, while Oarfish is a three-way fault dependent closure at Top Latrobe, L.balmei, and
F.longus reservoirs. Together these have a total Best Estimate prospective resource of 98 MMbbls.
Based on the Joint Venture's assessment to date, the Bigfin Lead is likely to represent the highest
priority exploration target. The next stage of exploration in VIC/P74 will involve either the planning
and acquisition of modern 3D seismic, or the purchase of multi-client seismic data. The objective will
be to better image components of the Bigfin structure that are not covered by available 3D seismic
data, and possibly improve the potential for AVO analysis and detection of Direct Hydrocarbon
Indicators (DHI). This should allow the JV to mature Bigfin from Lead to Prospect status.
TDO and Hibiscus is now well positioned to farmout a large interest in VIC/P74. The Company now
intends to utilise the positive results of the CGG reprocessed seismic data and this compelling
resource assessment, to attract the best possible farm-in terms for future exploration drilling and
seismic acquisition in this highly prospective gas exploration area.
Potential farmout discussions continue under Confidentiality Agreements.