OIL

3D Oil to test Bass Strait waters with $44m float

AUSTRALIAN oil explorer 3D Oil has launched a $44 million initial public offering to fund the dev...

3D Oil to test Bass Strait waters with $44m float

The Melbourne-based company is issuing 110 million shares, partly paid to 25c a share with a further 15c/share payable on December 6.

3D acquired a 100% interest in the Gippsland Basin permit Vic/P57 in April 2004, which it said provides access to a commercial oil accumulation in the West Seahorse field as well as significant oil exploration opportunities.

The company said its first activity would be to develop the West Seahorse oil field, containing proved and probable reserves of 5.8 million barrels and contingent resources of 4.5MMbbl totalling up to 10.3MMbbl.

3D plans to drill an appraisal well at West Seahorse in January 2008, immediately followed by a well in the Sea Lion field, which contains prospective resources of 20.7MMbbl on a best-case estimate.

If Sea Lion proves to be commercial, production from this well could be tied to facilities at West Seahorse, it said.

Oil production from West Seahorse is expected to start in 2009.

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

3D has acquired access to a regional 2D seismic grid and additional 2D seismic will be undertaken to progress the Dalrymple Prospect to drill-ready status.

Unrisked prospective resources in T41-P total up to 74MMbbl of oil initially in place.

Established in 2003, 3D Oil plans to list on the Australian Stock Exchange on May 17.

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