3D Oil : June 2022 Quarterly Activities Report and Appendix 5B

ASX Release	3D Oil Limited
29 July 2022	Level 18, 41 Exhibition Street
	Melbourne VIC 3000
	Tel: +61	3 9650 9866
	Fax: +61	3 9639 1960
	www.3doil.com.au

3D Oil Limited

QUARTERLY ACTIVITIES REPORT

FOR THE THREE MONTHS ENDED 30 JUNE 2022

Highlights for the quarter include:

∙ VIC/P79 (Otway Basin, VIC):

 3D Oil farmout 80% interest in VIC/P79 and operatorship to ConocoPhillips Australia.

 3D Oil to receive cash payment of USD$3 million (~AUD$4.351 million) and to be carried for the first USD$35 million (~AUD$50.751 million) of well costs.

∙ T/49P (Otway Basin, TAS):

 Processing of the Sequoia 3D MSS is progressing with delivery of the preliminary fast track volume in July. The final volume will support the high grading of potential gas targets.

∙ WA-527-P (Bedout Sub-Basin, WA):

 3D Oil is seeking to apply to NOPSEMA for a two-year Environmental Plan ("EP") for acquisition of the proposed Sauropod MC3D seismic survey.

 A delay in the granting of the EP prevented contracting a seismic vessel for the approved 2022 acquisition window (January-May inclusive).

∙ VIC/P74 (Gippsland Basin, VIC):

 The Joint Venture has submitted a 'Transfer of Title' application to NOPTA as Carnarvon Hibiscus seek to exit VIC/P74.

 The Joint Venture also submitted a 'Variation of Title Conditions' application to NOPTA, seeking to alter aspects of the secondary work program.

∙ VIC/P57 (Gippsland Basin, VIC):

 The Joint Venture has submitted a 'Consent to Surrender Title' application ahead of the Year 4 work program commitment for one exploration well.

1 Based on a USD to AUD currency conversion rate of 1.45 as per the date of the original ASX release.

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3D Oil Limited (ASX: TDO, "3D Oil" or "the Company") is pleased to provide an update to its activities for the quarter ending 30 June 2022.

Exploration

VIC/P79, Otway Basin, offshore Victoria

3D Oil holds 100% interest in the VIC/P79 exploration permit, formerly V20-1, from the 2020 Offshore Petroleum Exploration Acreage Release. The permit covers 2,575km2 of the offshore Otway Basin and is located adjacent to the producing Thylacine and Geographe gas fields (Operated by Beach Energy Limited (ASX: BPT)) and the La Bella gas discovery (Figure 1). In conjunction with T/49P, the Company has now strategically gained exposure to >60% of Otway Basin exploration by area.

Figure 1: Location map of exploration permit VIC/P79 and identified leads and

prospects, including Vanguard, Defiance and Trident.

3D Oil Limited executed a Farmout Agreement ("FOA") with ConocoPhillips Australia SH2 Pty Ltd ("ConocoPhillips Australia") in relation to the offshore Victorian Exploration Permit VIC/P79 ("Permit"), located in the Otway Basin (TDO ASX Announcement, 1 July 2022).

Under the terms of the FOA, ConocoPhillips Australia will acquire an 80% interest in the Permit and operatorship in exchange for an upfront payment of USD$3 million (~AUD$4.351 million).

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ConocoPhillips Australia will also undertake to drill an exploration well as required by the permit's Primary Term minimum work commitment (currently required by February 2025). The Company will be carried for up to USD$35 million (~AUD$50.751 million) in well costs, above which it will contribute 20% of costs in line with its interest in the Permit.

It should be noted that the FOA is subject to conditions precedent, including the agreement and signing of a Joint Operating Agreement by both parties and required government/ regulatory approvals.

Vanguard Gas Prospect

The work program for VIC/P79 has been designed to rapidly exploit existing opportunity in the permit via one exploration well at Vanguard Prospect in Permit Year 3, after the reprocessing, merging and interpretation of 630km2 of existing 3D seismic data.

Vanguard Prospect straddles the La Bella and Investigator 3D marine seismic surveys and consists of multiple reservoir horizons within the Waarre Fm, associated with Direct Hydrocarbon Indicators (DHIs) including flat spots and Amplitude Variation with Offset (AVO). During the quarter, the Company has engaged with several vendors around the technical and commercial aspects of reprocessing the Investigator and La Bella 3D marine seismic surveys. Options are currently under evaluation. Reprocessing and merging of the La Bella and Investigator 3D surveys will allow for detailed prospect scale mapping, depth conversion and evaluation of DHIs at Vanguard.

Defiance and Trident Leads

Seismic interpretation and evaluation of VIC/P79 has continued during the quarter and several new near-field exploration targets have been identified local to the La Bella-1 area, including Defiance and Trident. Similar to 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 (i.e. gas-water contacts). This significantly reduces uncertainty around the presence of hydrocarbons.

VIC/P79 Prospective Resources Estimate (Unrisked)

(100% Net Prospective Resources to TDO. Refer to ASX announcement 8-Jun-22)

Table 1: VIC/P79 Recoverable Gas (MMbbls)

Lead/Prospect	Status	Low		Best		High
Vanguard	Prospect	52.5		161.5		425
Trident	Lead	19.5	37.2	65
Defiance	Lead	17.2		32.5		59.9
La Bella East	Lead	17	37.5	65.5
La Bella SW	Lead	12		29		54
VIC/P79 Total		118.2	297.7	669.4

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The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

T/49P, Otway Basin, offshore Tasmania

3D Oil holds 20% interest in the T/49P exploration permit, which covers 4,960km2 of the strategic offshore Otway Basin (Figure 2). The permit is located adjacent to the producing Thylacine and Geographe gas fields (Operated by Beach Energy Limited (ASX: BPT)). ConocoPhillips Australia SH1 Pty Ltd ("COPA") holds 80% interest in the permit and is Operator on behalf of the Joint Venture.

Figure 2: Location map with the final full-fold acquisition area of the Sequoia 3D Marine

Seismic Survey (courtesy of ConocoPhillips Australia)

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Sequoia 3D Marine Seismic Survey (MSS)

In November 2021, the Shearwater vessel Geo Coral safely completed the acquisition of approximately 1700km2 of the Sequoia 3D Marine Seismic Survey (MSS), on behalf of ConocoPhillips Australia (COPA) as Operator of the T/49P Joint Venture (TDO: ASX announcement on 3 November 2021).

Despite unprecedented weather in Bass Strait early in the acquisition window, prioritisation of the survey across the central corridor has yielded coverage across the most prospective leads, including all pre-existing leads (excluding Flanagan).

Processing of the Sequoia 3D MSS has continued throughout the quarter and the Company is pleased to advise that a preliminary fast-trackpost-STM volume was received in July. A significant uplift in data quality is anticipated with the continued progression of processing workflows towards a final volume. A full evaluation of the potential of the permit, including seismic attribute analysis, will be possible once the final volume has been received.

Upon interpretation of the Sequoia 3D MSS and high grading of potential gas targets, COPA may elect to drill an exploration well in fulfillment the current Year 6 work program. As per the FOA, the Company will be carried for up to US$30 million in drilling costs after which it will contribute 20% of drilling costs in line with its interest in the permit.

T/49P Prospective Resources Estimate (Unrisked)2

(20% Net Prospective Resources to TDO. Refer to ASX announcement 27-Jul-17)

Table 2: T/49P Gross Recoverable Gas (Bcf) (Net TDO Recoverable Gas)

Location	Status	Low	Best	High
Flanagan	Prospect	530 (106)	1340	(268)	2740	(548)
Seal Rocks	Lead	950 (190)	4640	(928)	10640	(2128)
Whistler Point	Lead	820 (164)	2040	(408)	8950 (1790)
British Admiral	Lead	370	(74)	1030	(206)	4450	(890)
Harbinger	Lead	330	(66)	790 (158)	1430	(286)
Munro (T/49P Part)	Lead	40	(8)	190	(38)	570 (114)
T/49P Total		3040	(608)	10030	(2006)	28780	(5756)

The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons

WA-527-P, Bedout Sub-basin, offshore Western Australia

3D Oil holds 100% interest in the WA-527-P exploration permit, which covers 6,500km2 of the offshore Bedout Sub-basin. The permit is located adjacent to oil and gas/condensate discoveries at Roc, Phoenix South, Dorado and Pavo (Figure 3).

2

2 Volumes derived by 3D Oil

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