3D Oil Limited announced that ConocoPhillips Australia SH2 Pty Ltd. and TDO have executed a Joint Operating Agreement ("JOA") in relation to the offshore Victorian Permit VIC/P79 ("Permit") which satisfies a key condition of the Farmout Agreement ("FOA") announced on 1st July 2022. Completion of the farmout will occur following government approval. Under the terms of the FOA, the Company will receive a $3 million (AUD 4.841 million) cash payment in exchange for ConocoPhillips Australia acquiring an 80% interest in the Permit and operatorship.

In addition, TDO will be carried on the drilling of an exploration well by ConocoPhillips Australia for up to $35 million (AUD 56.51 million), after which it will contribute 20% of well costs in line with its interest in the Permit. This second major deal with the ConocoPhillips group of companies is an outstanding result for the Company. ConocoPhillips Australia is the ideal partner to undertake the drilling on the Permit in support of the Company's goal to become an East Coast gas producer.