3D Energi's Quarterly Activities Report for FY24 Third Quarter

3D Energi Limited (ASX: $TDO) is pleased to report its activities for the quarter ending 31 March 2024. The company raised $3.3M in placement, mobilized the Transocean Equinox semi-submersible drilling rig to Australia, and submitted an Environmental Plan for the drilling of up to six exploration wells to NOPSEMA for assessment. The quarter also saw significant progress in reprocessing 3D seismic and maturing potential drilling targets across the Otway and West Coast exploration areas.

Executive Chairman's Commentary on Quarterly Activities

This quarter has seen important progress across our projects, including a continued buildup of Otway based activities. The arrival of the Transocean Equinox in Australia highlights the proximity to our 2025 drilling program in the Otway as we continue progressing the maturation of potential drilling targets across the broader Otway portfolio. Key news this quarter centered around the receipt of newly reprocessed 3D seismic and its implications for prospectivity at Monarch, which is now the largest undrilled structure identified on existing 3D seismic in VIC/P79. On the west coast, the approval of the 2-year Sauropod 3D Environmental Plan and a 2-year suspension and extension removes regulatory uncertainty that has facilitated investment headwinds over the past several years. The Company now has time to secure a farm-in partner and hopefully replicate the successful introduction of a Joint Venturer in the west, as in the Otway.

Summary of Quarterly Activities and Outlook

3D Energi Limited made significant progress in its exploration activities during the FY24 Third Quarter. The company raised $3.3M in placement, securing funding for continuation of exploration activities, particularly in the Otway Basin. The mobilization of the Transocean Equinox semi-submersible drilling rig to Australia and the submission of an Environmental Plan for the drilling of up to six exploration wells mark important milestones in the company's exploration endeavors. The reprocessing of the La Bella 3D Seismic has delivered a significant improvement in image quality, enabling a full evaluation of existing traps and revealing further prospectivity. The company's ambitions include securing a farm-in partner for the west coast and progressing the maturation of potential drilling targets across the broader Otway portfolio. The recent regulatory approvals for major oil and gas projects signal a positive outlook for the return of investment, and the company continues to diligently market the opportunity to prospective partners.