3D Oil Limited |
ABN 40 105 597 279 |
Annual Report - 30 June 2016 |
Corporate directory 2
Review of operations 3
Directors' report 14
Auditor's independence declaration 26
Statement of profit or loss and other comprehensive income 27
Statement of financial position 28
Statement of changes in equity 29
Statement of cash flows 30
Notes to the financial statements 31
Directors' declaration 55
Independent auditor's report to the members of 3D Oil Limited 56
Shareholder information 59
3D Oil Limited Corporate directory 30 June 2016Directors | Campbell Horsfall (Non-Executive Chairman) |
Noel Newell (Managing Director) | |
Melanie Leydin (Non-Executive Director) | |
Leo De Maria (Non-Executive Director) |
Company secretary | Melanie Leydin |
Registered office | Level 18, 41 Exhibition Street |
Melbourne, VIC 3000 | |
Telephone: (03) 9650 9866 |
Principal place of business | Level 18, 41 Exhibition Street |
Melbourne, VIC 3000 |
Share register | Computershare Investor Services Pty Limited |
452 Johnston Street | |
Abbotsford Victoria 3067 | |
Telephone: (03) 9415 5000 |
Auditor | Grant Thornton Audit Pty Ltd |
Chartered Accountants | |
The Rialto, Level 30, 525 Collins Street | |
Melbourne Victoria 3000 |
Solicitors | Baker & McKenzie |
Level 19, 181 William Street | |
Melbourne | |
Victoria 3000 |
Stock exchange listing | 3D Oil Limited shares are listed on the Australian Securities Exchange |
(ASX Code: TDO) |
Website | www.3doil.com.au |
Exploration permit T/49P was awarded to 3D Oil in May 2013 and the Company now holds a 70% interest and operatorship in joint venture with Beach Energy (30%). T/49P is located in the offshore Otway Basin of Tasmania, immediately southeast of the largest producing gas field in the Otway Basin.
The Otway Basin extends from Tasmanian waters in the south to Victoria and South Australia in the north where it also extends onshore.
Onshore, after a long history of exploration, gas was discovered in 1959 and commercial production was established in 1987.
The first commercial gas discoveries in the offshore Otway were in Victorian waters in the early 1990s but it was not until 2001 that the Thylacine-1 well made the first commercial gas discovery in the Tasmanian Otway. Thylacine and the nearby Geographe gas field have been producing since 2007 from infrastructure that is located close to the northern boundary of 3D Oil's T/49P permit and the Flanagan Prospect. The offshore Otway also supports two other gas production projects at Casino and Minerva, both in Victorian waters.
T/49P is in Year 3 having met the Year 2 permit commitment with the acquisition and processing of the Flanagan 3D seismic survey which was the major commitment in the primary term of T/49P. During the year National Offshore Petroleum Titles Administrator ('NOPTA') granted a suspension and extension of Year 3 to 21 February 2017 in order to allow finalisation of permit mapping.
The permit contains a number of prospective features for gas exploration within an area of 4,960 km2 in water depths generally no greater than 100m.The north of the permit is now covered by 974 km2 of modern 3D seismic, while the area to the south remains lightly explored covered by a broad grid of 2D seismic data of varying vintages. Only two early exploration wells have been drilled in the permit (in 1967 and 1970) and the region had largely been overlooked by the industry despite the proximity of the Thylacine and Geographe producing gas fields.
3d Oil Limited published this content on 15 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 September 2016 00:58:05 UTC.
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