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The Company listed on the Australian Stock Exchange on 22nd May 2007.

3D Oil Limited acquired a 100% interest in the Gippsland Basin permit Vic/P57 in April, 2004, which contains the West Seahorse oil field as well as significant oil exploration opportunities.

The company has also acquired a 100% interest in the lightly explored Bass Basin permit T41-P.

The company trades under the code TDO.

See latest Investor Update (4.3MB PDF).

VIC/P57, Gippsland Basin, Offshore Victoria

The Company has a valuable proven oil discovery in the West Seahorse oil field and a portfolio of highly prospective exploration leads and prospects. The 3D Oil team has made significant progress in bringing West Seahorse to development and the Company is actively seeking alliances to maximise the value inherent in its assets.

West Seahorse - Reserves Upgrade

An extensive reassessment of the West Seahorse Field was completed including detailed reservoir analysis; detailed mapping of all hydrocarbon bearing horizons; high density depth conversion; reserve assessment.

This data was used to develop a field production model to simulate oil production over the life of the field. The model was calibrated against the neighbouring Seahorse Field, which has been producing for similar reservoir units and has approximately 20 years of production history and therefore an excellent analogue. A feature of the model is the very high production rates predicted, with the development well modelled to produce at over 8,000 barrels of oil per day. This is typical of the Gippsland Basin where the combination of strong natural water drive and excellent reservoir properties result in very high flow rates. Clearly, high production rates during the start-up phase will provide a strong revenue stream with early project pay-back, enhancing the commerciality of the field.

Following this extensive review, there has been a revision to the reserves and contingent resources position. A comparison to previously disclosed reserves and contingent resources is set out below.

 

3D Oil’s Reserves and Contingent Resources, West Seahorse Field in Vic/P57

3D Oil's updated reserves and contingent resources review has been completed in conjuction with independent consultants and follows guidelines set forth by the Society of Petroleum Engineers (SPE), the World Petroleum Council and the American Association of petroleum Geologists. These guidelines require that Proved Reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable from a given date.

Reserves and Contingent Resources, West Seahorse Field in Vic/P57

Reserves

1P
Proved
MMstb

2P
Proved + Probable
MMstb

3P
Proved +
Probable +
Possible
MMstb

N1 and N2.6

4.1

5.3

6.8
       

Contingent Resources

Low Estimate (P90)
MMstb

Best Estimate (P50)
MMstb

High Estimate (P10)
MMstb

P1 and NE Fault Block

2.8

3.4

4.0
       

Total Reserves plus Contingent Resource

MMstb

6.9

MMstb

8.7

MMstb

10.8

 

Disclosure regarding Certifications

The reserves estimates were compiled by Dr Rodney Halyburton BSc(Hons), MSc and PhD who is a member of the SPE and Society of Professional Well Log Analysts and Dr Andrew Wadsley BSc(Hons), MSc and PhD who is a member of the SPE and the Society for Industrial and Applied Mathematics. The reserves estimates are consistent with the definitions of Proved, Probable and Possible hydrocarbon reserves defined in the Australian Stock Exchange (ASX) Listing Rules. Dr Halyburton and Dr Wadsley are qualified persons as defined under ASX Listing Rule 5.11.