Aankondiging • 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). Aankondiging • 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. Aankondiging • 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). Aankondiging • 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 