3D Oil (ASX: TDO) is an oil and gas explorer and developer focused on SE Australia. It currently has a contingent resource (2C) of 9.2 MMbbl in the prolific offshore Gippsland Basin together with a number of neighbouring low risk prospects.
3D Oil substantial shareholder increases stake to 9.96%
Gippsland Basin focused (ASX: TDO) substantial shareholder SFG Australia has acquired a further 2.5 million shares raising its stake in the company to 9.96%.
The shares were purchased between 25 November and 5 April for a consideration of A$230,599, providing an average entry price of around $0.09.
Late last year, identified prospectivity in the deeper levels of its VIC/P57 permit.
Reprocessing of more than 500 square kilometres of 3D seismic data has shown the potential for additional prospectivity at depth, particularly in the two most mature prospects, Felix and Sea Lion.
Further to the east, the deeper section, principally the Golden Beach and Emperor Subgroups, has proved to have high potential, particularly for gas.
Nearby discoveries within these strata include the Longtom and Grayling gas fields and the SE Longtom-1 and SE Remora-1 wells, as well as the Judith and Kipper gas fields further east.
The Felix prospect is located within an established oil production fairway, with potential to contain more than 100 million barrels.
is currently in discussions with Canadian oil and gas company Energy Corporation (TSXV:OEC) regarding a potential farm-in to VIC/P57.
Earlier this year the company also said it planned to restart farm-in talks with other interested parties.
No investment advice
Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".
You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here