3D Oil Limited (TDO) 2019年年度報告「ASX」.pdf

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1、AnnuAl RepoRt 2019tARgetted exploRAtion thRough stAte of the ARt imAging.exploRe3D Oil has built a portfolio of high potential,frontier offshore exploration permits in Australia including offshore Western Australia(Bedout Sub-basin)and offshore Tasmania(Otway Basin)The 100%-owned WA-527-P permit cov

2、ers a large underexplored area that is situated next to the significant Dorado-1 hydrocarbon discovery in the Bedout Sub-basinThe 100%-owned T/49-P permit is a large frontier permit in the offshore Otway Basin,containing 1 prospect and 5 leads for a total prospective gas resource of 10TCF(Best Estim

3、ate)Recently awarded in the 2018 Offshore Exploration Release,VIC-P74(50%)will utilise state of art reprocessing to evaluate a proven area located proximal to the largest oil discovery in Australia.Perfectly positioned to take advantage of strong east coast gas demand.2Review of operations 6Director

4、s report 18Auditors independence declaration 28Statement of profit or loss and 30 other comprehensive income Statement of financial position 31Statement of changes in equity 32Statement of cash flows 33Notes to the financial statements 34Directors declaration 54Independent auditors report to the 55

5、members of 3D Oil Limited Shareholder information 58Corporate directory 613letteR fRom the executive chAiRmAn43D Oil is now one of the last small cap companies exploring in the offshore of Australia.While there are still some small companies on title in the offshore,very few are exploring and recent

6、ly there has been a dramatic increase in licenses being revoked by the Federal Government due to work programs not being completed.3D Oil provides an opportunity for shareholders to share in exposure to the potential wealth creation that is the prize in successful offshore hydrocarbon exploration,no

7、netheless patience is required to reap the benefits.The appraisal and subsequent sale of the West Seahorse oil field in 2010 demonstrated 3D Oils ability to add value to an asset and convert it to tangible income.Since this transaction,3D Oil has successfully executed the initial stages of a new str

8、ategy involving acquisition of high impact exploration acreage,addition of value through high quality technical work and ultimately farming out to major Exploration&Production companies who can carry the projects forward.3D Oil has demonstrated success in this strategy by the acquisition of T/49P(Ot

9、way Basin),WA-527P(Bedout Sub-basin)and the recent VIC/P74(Gippsland Basin),all currently held at 100%.All three blocks have the potential to contain world class assets.It is difficult to think of another small company in Australia with such potentially transformative portfolio.But,as a small fish i

10、n the offshore you have to be nimble and think ahead of the pack.You cant be a follower;you need to be there first.As I said last year you have to be a risk taker,you have to be opportunistic,you have to be counter cyclical,you have to have some luck,but most importantly you have to be patient.Patie

11、nce is of fundamental importance for the next stage of this strategy which will involve attraction of major E&P companies that will convert this exploration portfolio into potential large rewards for 3D Oil and its shareholders.Patience is necessary for this phase because to attract a major,it is ne

12、cessary to work to their timetable which can be lengthy.Outsiders to our industry would find it incredible how long a process for a major to undertake a new project and ultimately the opportunity needs to stack in a global seriatim.Since acquiring T/49P we have been engaged with a number of major co

13、mpanies,some of which we have worked with for longer than 12 months.3D Oil has developed new ideas with respect to the prospectivity of the southern Otway Basin.These ideas are new and exciting;however,Major companies need to first digest our new ideas prior to undertaking their own exhaustive techn

14、ical studies before finally taking their recommendations back to their overseas head offices.As I said last year Our team have created a world class story with exceptionally good technical work.In my view compelling.The time-line has increased as a result of the investment climate in the energy sect

15、or in Australia which remains under a cloud.Clear Federal energy policy is necessary to undertake long term investment and offshore regulatory policy is becoming increasingly challenging.A significant achievement for 3D Oil in 2019,providing significant incentive for potential farminees,is the accep

16、tance of our Environmental Plan(EP)by NOPSEMA for our Dorrigo 3D seismic acquisition.I cannot overstate how important and difficult this was to achieve.We are seeing some companies taking a number of years to obtain a valid EP,with sometimes two or three submissions.3D Oil achieved success on first

17、submission with a 2000+page document and over 200 stakeholders to engage!No minor achievement for a small company.This is certainly a feather in our cap,and has been well received by the industry.Our acquisition of the WA-527P permit prior to the Dorado discovery continues to appear a stunning count

18、er cyclical move.It is rumored the gazettal block on the west side of the Santos/Carnarvon acreage received approximately 10 bids this year involving wells promised in the primary term.We also note Santos have now acquired the permit north of WA-527P.At the time of writing this the Dorado-3 well was

19、 completed,confirming hydrocarbons and pressure communication within the Caley,Baxter and Crespin reservoirs.The well will be flow tested shortly,which the industry is keenly anticipating.Dorado is arguably the largest oil find in Australia in over 30 years and has certainly re-invigorated the indus

20、try.3D Oil is in an enviable position and considering the best options going forward.We have undertaken our EP for the Sauropod 3D seismic program,to be conducted in WA-527P,and it has been made public for comment.We will be submitting the application to NOPSEMA in the coming weeks.3D Oils primary w

21、ork bid was only 510 km2 somewhat less than multiple wells bid for the adjacent acreage during the recent gazettal round.The acquisition of WA-527P prior to the drilling of Dorado was no accident or a stroke of luck but rather a thorough piece of technical work underlying the bid following a very de

22、liberate and aggressive strategy to be opportunistic front runners.The recent acquisition of VIC/P74 once again demonstrates that deliberate and aggressive strategy yet again.The permit is adjacent to the largest oil field discovered in Australia,Kingfish,with over one billion barrels produced to da

23、te.There is obviously an extremely rich petroleum system operating in the southern Gippsland Basin.Nonetheless success has alluded previous explorers in the VIC/P74 region.The rationale for the acquisition of VIC/P74 is based on the likely significant enhancement of the 3D seismic in the basin as a

24、result of reprocessing being undertaken by service company CGG.Exploration of this region has been previously hampered by severe depth conversion issues related to velocity complexities in the shallow section above the reservoir target.Recent advances in reprocessing techniques have made significant

25、 improvements in relation to this technical issue as evidenced in 3D Oils other Gippsland permit VIC/P57.3D Oil interpret that the permit may have the potential for significant hydrocarbon accumulations as evidenced by the neighbouring Kingfish Field.The permit also contains the Omeo gas and condens

26、ate discovery.We note that Cooper Energy were recently awarded the block directly to the north on the basis of the same rationale.We have an exciting year ahead at 3D Oil with the acquisition of the Dorrigo and Sauropod 3D seismic surveys in the Otway Basin and Bedout Sub-basin respectively.Followin

27、g on,we believe we will have high impact drilling locations in both areas.While we dont have the funding in place presently,I am quietly confident that 3D Oil will have,so much so that we have our EPs in train.The team at 3D Oil have our sights set high we are not looking for slow organic growth but

28、 transformational transactions.3D Oil has survived through tough times which means that we can keep participating in these high risk,but high value,projects for the long haul,therefore maximizing the potential return to shareholders.On behalf of the Company,I thank the Board,our board advisor Peter

29、Willcox,and the 3D Oil team for their endeavors and commitment over the last year.They are an integral part of realizing our ambition of becoming an Australian oil and gas producer.Noel Newell Managing Director5Review of opeRAtions6WA/527-P,BEDOUT SUB-BASIN,OFFSHORE NORTHWEST SHELFExploration permit

30、 WA/527-P is a large permit covering approximately 6,500km2 in the Bedout Sub-basin of the Northwest Shelf,approximately 80km north-east of the recent Dorado-1 oil discovery(Carnarvon Petroleum 20%,Santos 80%).TDO has identified at least fifteen leads across the permit,and a Triassic erosional chann

31、el system,analogous to that which set-up the Dorado oil discovery.The Bedout Sub-basin is an element of the Roebuck Basin located along the prolific Northwest Shelf of Australia.A recent exploration campaign which was previously led by privately owned Quadrant Energy has resulted in the discovery an

32、d appraisal of a prolific,new petroleum system located in permits adjacent to 3D Oils 100%-owned WA/527-P.The exploration history began with the drilling of the Phoenix South and Roc wells between 2014 and 2018.Phoenix South-1 discovered a series of light oil zones,while the Roc and other Phoenix So

33、uth wells all discovered gas-condensate within sands of the Triassic,Caley reservoir.The most significant discovery was made in July 2018,when Dorado-1 discovered 162 MMbbls of liquids and 748 Bcf of gas within multiple reservoir zones of the Lower Triassic.In August of 2018 Santos acquired 100%of Q

34、uadrant Energy for an initial$2.15 Billion USD(refer STO Announcement,22 AUG 2018).Since this time,the Santos led Joint Venture has proceeded with an aggressive exploration and appraisal campaign in the area surrounding Dorado.The most notable news has been the Dorado appraisal drilling,which began

35、with the drilling of Doardo-2.Revised contingent resource estimates indicate an upgrade in the C2 resource estimate from 283 to 344 MMboe(refer CVN Announcement,15 JUL 2019).FIGURE 1 Figure 2 WA/527-P Location“A recent exploration program has resulted in the discovery and appraisal of a prolific,new

36、 petroleum system located adjacent to 3D Oils 100%-owned WA-527-POTWAY BASIN*Best Estimate Total Recoverable Prospective ResourceT/49P10.03 TCF*110.85 MMbbls*BEDOUT SUB-BASINGIPPSLAND BASINWA-527-P349 MMbbls*VIC/P57367.2 BCF*31 MMbbls*OPERATIONS MAPFigure 1 Operations map7ActivitiesDuring the year 3

37、D Oil completed reprocessing of seven open-file 2D seismic lines.Analysis of these data,combined with licenced multi-client data has confirmed the existence of an erosional channel system within the south-western quadrant of the acreage.The channel system could provide an analogous trapping mechanis

38、m to the Dorado discovery.This intelligence has allowed 3D Oil to determine the best possible location for its upcoming seismic commitment,now named the Sauropod 3D Marine Seismic Survey.3D Oil has completed and submitted an Environment Plan for the Sauropod 3D MSS.The Sauropod 3D program will allow

39、 for acquisition for up to 3,500 km2 of 3D seismic data that will have multiple exploration objectives,including:Evaluation of any targets potentially set-up by the recently discovered Triassic erosional channel system,Provision of further insight to the Salamader,Jaubert and Whaleback Leads,and,Inv

40、estigation of the potential Palaeozoic play interpreted to be operating in the eastern side of the acreage.Throughout the year 3D Oil hosted a number of data rooms for multiple interested Exploration&Production Companies,and will continue to do so throughout the next financial year.Full Fold Acquisi

41、tion Area:3447km2.Figure 4 Proposed Location of Sauropod 3D Full-Fold Acquisition Area“Multi-client data has confirmed the existence of an erosional channel system within the south-western quadrant of the acreage.The channel system could provide an analogous trapping mechanism to the Dorado discover

42、y”FIGURE 2 1 Figure 3 WA/527-P Location,recent oil&gas discoveries and the Basin Margin8pRospectivityThe leads within WA/527-P include a series of prospective features along the western side of the acreage which may host Triassic sands,similar to those encountered at Dorado.However,3D Oil has also i

43、dentified multiple targets within the shallower Jurassic section and a series of possible carbonate build-up targets within the deeper Palaeozoic.These features are interpreted to receive hydrocarbon from up to two oil-prone source rocks.Triassic Erosional Channel SystemThe Dorado oil discovery demo

44、nstrated that stratigraphic traps sealed by shale-filled erosional channels can form highly effective closures.3D Oil has identified an analogous erosional channel system within the Lower Triassic section of WA/527-P.This system has been mapped using a combination of reprocessed open-file 2D seismic

45、 data and licenced multi-client data.The feature,oriented sub-parallel to the western boundary of the permit,will be a target of the upcoming Sauropod 3D MSS,which will assist with determining whether any traps,analogous to the Dorado discovery are present within WA/527-P.Mesozoic LeadsA series of i

46、nversion and fault-bound targets within both the Triassic and Jurassic sections have been identified along the western side of WA/527-P.The largest of these include Whaleback and Salamader,with a Best Estimate Prospective Resource of 86 MMbbls and 190 MMbbls respectively.Palaeozoic Leads3D Oil has i

47、dentified the presence of at least six reef-like features that could form viable oil targets.These features range in size from 3-30km2.These are mostly identifiable within the eastern side of the acreage,within what is interpreted to be a section of an extensive Palaeozoic Barrier Reef System.This s

48、ystem is proven as an effective petroleum system by the Blina and Ungani oil fields in the onshore Canning Basin.The system was also the objective of a recent 3D seismic acquisition program led by Santos in the Bonaparte Basin,which targeted the Beehive reef feature of Carboniferous age.So far,resul

49、ts of the Beehive seismic survey indicate a feature consistent with a carbonate build-up,capable of a Best Estimate Prospective Resource of 388 MMbbls(Refer MAY ASX Announcement,14 JUN 2019).3D Oils proposed play concept for the Palaeozoic involves thermally mature source rocks of Devonian and/or Ea

50、rly Carboniferous age.Such source rocks are proven in the onshore Canning Basin where they have contributed strongly paraffinic,light oil to successful oil fields such as Blina and Ungani.These source rocks are likely to be mature for oil expulsion within the WA/527-P acreage and if so,may provide h

51、ydrocarbon to Palaeozoic targets as well as to shallower Mesozoic targets.JN87_18A Legacy Data JN87_18A 2019 Time Scaled PSDM Repro Edge of Erosional Channel Bland Section/Shale fill Lower Triassic sands A A A A Figure 5 Example of reprocessing and interpretation of an erosional channel within WA/52

52、7-P,shown with a comparison to Dorado(bottom image)Table 1:WA/527-P Prospective Resource Estimate(MMbbls)Recoverable Oil(ASX ann.26/2/18)ProspectStatusLowBestHighSalamanderLead57191713JaubertLead1772205WhalebackLead1687219WA/527-P Arithmetic Total903501,1379Figure 6 Otway Basin,Fields and Infrastruc

53、ture Location10T49/P,OTWAY BASIN,OFFSHORE VICTORIAT/49P exploration permit is located in the Tasmanian part of the offshore Otway Basin,just West of King Island.3D Oil was awarded the permit in May 2013 and currently hold a 100%interest in this permit.The Otway Basin is a northwest trending rift bas

54、in.It is approximately 500km long and extends along the southern margin of South Australia and Victoria to north-west Tasmania,covering an area of 150,000km2.The basin has been an important supplier of gas to the east coast of Australia since the 1980s.The T/49-P permit is optimally placed to contri

55、bute much needed additional gas to this market in coming years.The first commercial gas discoveries in the offshore Otway were in Victorian waters,in the early 1990s proving the existence of what would become recognised as a prolific gas province that is now known to extend throughout much of the Vi

56、ctorian Otway Basin and likely within 3D Oils T/49-P exploration acreage.The permit is located directly to the southeast of the basins largest offshore gas field,Thylacine,discovered in 2001.Thylacine and the nearby Geographe gas field have been producing since 2007 from infrastructure that is locat

57、ed close to the northern boundary of the 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.The T/49-P permit contains a number of structures prospective for gas within an area of 4,960 km2 and in w

58、ater depths generally no greater than 100m.The north of the permit is covered by 974 km2 of modern 3D seismic,while the area to the south remains lightly explored and covered by a broad grid of 2D seismic data of varying vintages.Only two early exploration wells have been drilled in the permit(in 19

59、67 and 1970)on historic,widely spaced 2D seismic.In subsequent years the region was largely overlooked by the industry despite the proximity of the Thylacine and Geographe gas fields.The T/49P work-program is currently in Permit Year 5,having completed the primary work-program(Years 1-3)including th

60、e acquisition,processing and interpretation of the Flanagan 3D seismic survey.Subsequent to the award of the work program variation at the end of 2017,3DOil began planning the acquisition of the Dorrigo 3D MSS.This included highly detailed planning,determination of optimal acquisition parameters,det

61、ermination of the most efficient acquisition area,and the commencement of the Environmental Plan for the activity.The minimum work commitment for the survey is 750km2,however,3D Oil is planning for the acquisition of 1580km2 which would far exceed its obligation.The survey has been carefully designe

62、d to capture all remaining leads located to the south of Flanagan.One of the key leads to be targeted by the seismic program is the Harbinger Lead,supported by a Type III AVO anomaly indicative of gas.Independent analysis has estimated that Harbinger contains 790 BCF of Prospective Resources;however

63、,this analysis was constrained by broadly spaced,decade old 2D seismic data.The upcoming 3D seismic acquisition may allow 3D Oil to more definitively understand the size of the prospective gas resource and allow for accurate drill planning.Another potential target for 3D seismic acquisition is the S

64、eal Rocks lead,with a Best Estimate Prospective Resource of over 4 TCF.Seal Rocks is also constrained by widely spaced grid of 2D seismic and requires modern 3D data to asses more accurately.“The T/49-P permit is optimally placed to contribute much needed gas to this market in coming years”“Another

65、potential target for 3D seismic acquisition is the Seal Rocks lead,with a Best Estimate Prospective Resource of over 4TCF.11Activities3D Oil continues to plan for 3D seismic acquisition in 100%owned exploration permit T/49-P.The survey is intended to cover the central and southern part of the acreag

66、e.The project will target a series of significant leads across the central and southern portion of T/49P with the intention of maturing several of these to prospect status.3D Oil intends to combine insight gleaned from the new data with that from existing seismic,to determine the location of the exp

67、loration well planned for 2020,subject to securing a suitable exploration partner.After finalising the technical part of the Environment Plan,the Company focused on finalising its consultation with community stakeholders as per government regulatory requirements.3D Oil is strongly committed to an op

68、en and thorough consultation process and as such,this process has been on-going since March 2018.Delays during the Environment Planning process forced the Company to apply to the National Offshore Petroleum Titles Administrator(NOPTA)for a Suspension&Extension(S&E)in November 2018 as it become clear

69、 that the Environment Plan would not be approved before the end of the Permit Year.An S&E was approved on the 20th of January 2019 and Permit Year 6 will now extend to the 21st of February 2020.The Environmental Plan was submitted to NOPSEMA on the 30th of January with an acquisition period for Dorr

70、igo 3D,re-scheduled for Q3 2019,pending vessel availability.After receiving only one request for further information in April 2019,the Dorrigo 3D EP was approved by NOPSEMA on the 13th of May 2019.This approval demonstrates the Companys capacity to successfully navigate increasingly challenging regu

71、latory conditions.Subsequently,3DOil has started a formal tendering process with seismic vessel contractors in order to source a seismic vessel for an acquisition kick-off in September 2019.In parallel,3D Oil has continued its technical work in order to further de-risk the permit.A seismic reprocess

72、ing program of open-file 2D data over Seal Rocks was completed.Interpretation of the new data indicates the presence of amplitude anomalies that seems to fit a series of tilted fault-blocks.AVO analysis result are encouraging but confirm the need for modern 3D seismic data in order to be properly an

73、alysed for hydrocarbon significance.Table 2:T/49P Prospective Resource Estimate(TCF)Recoverable Gas(ASX ann.27Jul-17)LocationStatusLowBestHighFlanaganProspect0.531.342.74Munro(T/49P Part)Lead0.040.190.57Whistler PointLead0.822.048.95British AdmiralLead0.371.034.45Seal RocksLead0.954.6410.64Harbinger

74、Lead0.330.791.43T/49P Arithmetic Total3.0410.0328.78The 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.Fu

75、rther exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbonsA A AVO Attribute-2019 Reprocessing Top Porosity(Depth mSS)FIGURE 6 Figure 7 Seal Rocks Reprocessing and revised Depth Structure12VIC/P57,GIPPSLAND BASIN OF

76、FSHORE VICTORIAExploration Permit VIC/P57 is located in the northwest part of the offshore Gippsland Basin.The permit is approximately 246km2 in size and located in shallow waters close to shore and proximal to existing infrastructure.3D Oil holds a 24.9%interest in the VIC/P57.By arrangement with p

77、ermit operator Carnarvon Hibiscus Pty Ltd(CHPL),3D Oil Limited continues to carry out subsurface technical work for the permit on behalf of the Joint Venture.The Joint Venture is excited about the potential for this permit to supply additional gas to the domestic market.The Gippsland Basin,with init

78、ial reserves estimated at 4 billion barrels of oil and 11.5 trillion cubic feet of gas,is Australias most prolific oil and gas producing basin.Twenty-one oil and gas fields are on production with most of the hydrocarbons hosted by the world-class sandstones of the Latrobe Group.However,Gippsland Bas

79、in production is in decline and major operators such as ExxonMobil are working hard to identify commercially viable prospects to sustain production from Gippsland facilities.The basin has an important role to play in future gas supply to the east coast gas market,with the Exxon-BHP Joint Venture rec

80、ently reaching FID on the West Barracouta gas field.ExxonMobil also recently invested$4.5billion in the Kipper Tuna Turrum offshore project,as well as$1billion on the Longford Gas Conditioning Plant.Current market demands and a strong appetite for gas makes this an ideal time for small explorers suc

81、h as 3D Oil to bring new drill-ready prospects to market.This is confirmed by the development of previously marginal gas fields,such as the Sole Field.The exploration of new plays and prospects will play an important part in meeting the predicted supply shortfall,as evidenced by the commencement of

82、an offshore gas exploration drilling program by ExxonMobil in deep water during 2018.The deep water well Sculpin 1 will spud in the second half of this year.Much of the historical success in the basin was achieved by the interpretation of 2D seismic data.The dominant acreage position of the Esso-BHP

83、 joint venture,with a focus on large-scale projects,has to some extent hindered the impact that 3D seismic-based exploration has had on similar basins,where smaller but lower risk targets are pursued.VIC/P57 is covered by the Northern Fields 3D seismic,which was recently reprocessed using state-of-t

84、he-art techniques as part of the 2018 CGG Gippsland ReGeneration Reprocessing Project.This has delivered significant improvements in imaging of the sub-surface and has helped mitigate issues created by anomalous shallow seismic velocities.Broader bandwidth,less noise,a significantly improved velocit

85、y model and more sophisticated migration algorithms have resulted in a dramatic improvement in imaging compared with previous attempts.The data provides those exploring in the Gippsland Basin with a reliable means to identify and exploit previously un-detected near-field opportunities within the Upp

86、er Latrobe Group such as Felix and Pointer,and importantly,mature the deeper gas fairway within the Emperor and Golden Beach Sub-groups,which is generally not well imaged on legacy datasets.At 3D Oil,we believe we can help address the coming gas supply shortfall through the farm-out of quality explo

87、ration prospects such as Pointer and Dexter.ActivitiesThe Joint Venture successfully renewed VIC/P57 for a further 5 years in March 2018.The primary term of the renewal period,the first three years,was designed to de-risk and high grade the prospect inventory and ultimately progress prospects to dri

88、ll-ready status,while also providing an opportunity to identify previously undetected gas targets.The Joint Venture has purchased a 564km2 sub-set of the CGG state-of-the-art reprocessing covering VIC/P57 and relevant nearby oil&gas fields.This dataset was received in July 2018 and includes offset s

89、tacks,gathers and a velocity model.The reprocessing covers existing data gaps at the northern end of Pointer from previous 2011 reprocessing and has yielded significant improvement in imaging within the Seahorse Syncline,permitting higher confidence mapping of the Golden Beach,Emperor and Strzelecki

90、 groups.Year 1 activities have fulfilled the primary term work commitments and have high-graded several drill-targets to prospect status,including Felix and Pointer.High-resolution interpretation of the latest reprocessing,including fault and horizon 15km POINTER DEXTER FELIX VIC/P57 CGG 3D REGENERA

91、TION REPROCESSING OF NORTHERN FIELDS 3D FLINDERS LUCIFER KANGAFISH SALSA FIGURE 7 Figure 8 VIC/P57 Location(blue polygon)with Gippsland ReGeneration Reprocessing data(red polygon)13mapping and depth conversion,has been completed and has reduced the uncertainty on trapping mechanisms and closures.A d

92、etailed velocity model has mitigated velocity anomalies over the area caused by channelling in the shallow overburden,leading to the refinement of the leads and prospects portfolio to Felix,Dexter and Pointer.The Joint Venture has completed a variety of Geological and Geophysical studies,including P

93、etrophysics,Rock Physics and Stochastic Modelling studies,to understand a significant seismic amplitude anomaly at the Pointer Prospect.Rock physics and AVO forward modelling studies utilise rock physics inputs from wells from surrounding fields to constrain the seal and reservoir lithologies and de

94、termine the types of amplitude responses that can be expected for a range of fluid scenarios.This work has reduced the uncertainty surrounding hydrocarbon presence at Pointer Prospect.The technical program has now been completed and a farm-out campaign has been initiated.A data room has been prepare

95、d and companies will be hosted over the second half of 2019.Throughout the reporting period the Joint Venture has already entertained preliminary discussions with major Exploration&Production companies which have expressed strong interest in Pointer.The Joint Venture is also currently in the process

96、 of completing a prospective resource update for VIC/P57.pRospectivityFelix ProspectFelix Prospect is an inversion anticline(Figure 9)favourably situated between the Moonfish and Wirrah discoveries along the Seahorse Fault.Migration modelling suggests that the structure is highly likely to have acce

97、ss to charge from the same kitchen as the existing discoveries.The reservoir-seal configuration is well constrained by these wells and excellent reservoir seal pairs are anticipated across the L.balmei zone at Felix.Seismic mapping and depth conversion using the new reprocessed 3D seismic has confir

98、med Felix Prospect to be a low-risk exploration target.Imaging is now significantly clearer with an exceptional increase in the level of observable detail.3D Oil believes that it is now possible to understand the trapping mechanism at Felix with far greater accuracy.The improved velocity model has h

99、elped to de-risk the presence of closure in the depth domain across the L.balmei zone and will assist with the selection of a suitable drilling location.Improved depth conversion has also reduced uncertainty surrounding the range of prospective resources within L.balmei reservoirs.Revised volumes wi

100、ll be communicated in the near future.Based on rock physics modelling,the seismic response at Felix is consistent with the seismic response observed in local fields at similar depths.Pointer ProspectThe Pointer Prospect is a combination structural-stratigraphic gas prospect within the Upper L.balmei

101、 reservoir.The prospect shows a clear rising amplitude with offset response,a Class III AVO(Figure 10).Improved imaging has permitted high-resolution mapping of the fault architecture(Figure 11)and has reduced uncertainty on the trapping mechanism,highlighting a conformance of amplitude with structu

102、re.This has important implications for potential hydrocarbon presence.Rock physics and stochastic modelling studies provided important necessary constraints and local calibrations to understand the cause of the AVO amplitude anomaly at Pointer.The gathers and angle stack dataset necessary for quanti

103、tative geophysical methods were received in December 2018.Subsequent rock physics and AVO modelling has eliminated a variety of seal/reservoir lithology and fluid scenarios.Based on our understanding of lithological variation between offset wells and the anticipated lithologies at Pointer,AVO forwar

104、d modelling has shown a strong positive hydrocarbon response,with gas being the anticipated hydrocarbon phase.A clear AVO anomaly has solidified Pointer as a strong candidate to contribute much needed gas to the East Australian market.Top Latrobe Golden Beach Top Lakes Entrance Top Emperor Top Strz

105、LLB MMd ULb Image courtesy of CGG Multi-Client&New Ventures FELIX DEXTER Figure 9-Arbitrary seismic line through Dexter and Felix structures(Image courtesy of CGG Multiclient&New Ventures)14 NEAR STACK FAR STACK NE SW FIGURE 9 VIC/P57 Figure 10 Pointer Prospect Amplitude Anomaly(image courtesy of CG

106、G Multiclient&New Ventures)Figure 11 Pointer Prospect Amplitude Anomaly(Full Stack)“A clear AVO has solidified Pointer as a strong candidate to contribute much needed gas to the east Australian market”15Deeper Gas PotentialThe Emperor Sub-group play presents an additional prospective gas fairway wit

107、hin VIC/P57,proven by the along-trend Longtom and Judith gas discoveries.Seismic reprocessing has provided a significant uplift on image quality,permitting higher confidence mapping of the top Emperor Sub-Group.As a result,subsequent mapping and depth conversion has supported a trapping configuratio

108、n at Dexter Lead.Figure 12 shows the previous vintage of seismic data(left)where the section was barely visible,compared with the CGG Gippsland Regeneration dataset(right),which shows clearly visible tilted fault blocks and involved bedding.Dexter Lead is a three-way fault-dependent closure at Middl

109、e M.diversus and Top Emperor Sub-Group,where it relies on cross-fault seal with the Strzelecki Group.The structure is now considered an important lead that offers additional upside potential for the permit.Table 3:Total VIC/P57 Prospective Resources Estimate(MMbbls)Recoverable Oil(ASX ann.27/7/17)Lo

110、cationStatusLowBestHighFelixProspect6.815.926.9SalsaLead10.715.120.6VIC/P57 Total17.531.047.5Table 4:Total VIC/P57 Prospective Resource Estimate(BCF)Recoverable Gas(ASX ann.27/7/17)LocationStatusLowBestHighPointerProspect140.1235.3364.9DexterLead37.0132.0259.1VIC/P57 Total177.1367.3624.0Legacy North

111、ern Fields 3D 2019 CGG Reprocessing Figure 12 Comparison of imaging quality between legacy data(left)and the 2018 CGG reprocessing(right)(mage courtesy of CGG Multiclient&New Ventures).16VIC/P74,GIPPSLAND BASIN OFFSHORE VICTORIAOn 26 July 2019 the National Offshore Petroleum Title Administrator(“NOP

112、TA”)awarded the 3D Oil the VIC/P74 permit in the offshore Gippsland Basin.The 1,006 km2 permit is located on the southern side of the Gippsland Basin,adjacent the giant Kingfish Oil Field.The world class Kingfish Field is the largest oil field ever discovered in Australia and to date has produced ov

113、er one billion barrels of oil.The primary work programme is modest and largely consists of purchase of reprocessed 3D seismic data.The rationale for the acreage acquisition of VIC/P74 is based on the likely significant enhancement of the of 3D seismic in the basin as a result of reprocessing being u

114、ndertaken by service company CGG.Exploration of this region has been previously hampered by severe depth conversion issues related to velocity complexities in the shallow section above the reservoir target.Recent advances in reprocessing techniques have made significant improvements in relation to t

115、his technical issue as evidenced in 3D Oils other Gippsland permit VIC/P57.3D Oil interpret that the permit may have the potential for significant hydrocarbon accumulations as evidenced by the neighbouring Kingfish Field.Under the terms of a pre-bid agreement Hibiscus Petroleum Berhad can elect to e

116、nter into a Joint Venture with 3D Oil(Operator)for up to a 50%interest in VIC/P74 on a ground floor basis.Figure 13 VIC/P74 Location17diRectoRs RepoRt18The Directors present their report,together with the financial statements,on the consolidated entity(referred to hereafter as the consolidated entit

117、y)consisting of 3D Oil Limited(referred to hereafter as the Company,3D Oil or parent entity)and the entities it controlled at the end of,or during,the year ended 30 June 2019.diRectoRsThe following persons were Directors of 3D Oil Limited during the whole of the financial year and up to the date of

118、this report,unless otherwise stated:Mr Noel Newell Mr Ian Tchacos Mr Leo DemariapRincipAl ActivitiesDuring the financial year the principal continuing activities of the Company consisted of exploration and development of upstream oil and gas assets.dividendsThere were no dividends paid or declared d

119、uring the current or previous financial year.The consolidated entity does not have franking credits available for subsequent financial years.Review of opeRAtionsThe loss for the consolidated entity after providing for income tax amounted to$1,089,254(30 June 2018:$1,154,810).Refer to the detailed Re

120、view of Operations preceding this Directors Report.finAnciAl positionThe net assets increased by$1,697,850 to$11,742,743 at 30 June 2019(30 June 2018:$10,044,893).During the period the consolidated entity spent a net amount after reimbursements of$880,967 (2018:$314,206)on exploration,mainly in rela

121、tion to T/49P during the period.The working capital position as at 30 June 2019 of the consolidated entity results in an excess of current assets over current liabilities of$903,047(30 June 2018:$103,564).The consolidated entity made a loss after tax of$1,089,254 during the financial year(2018 loss:

122、$1,154,810)and had net operating cash outflows of$958,034(2018:$982,352).The cash balances,including term deposits,as at 30 June 2019 was$1,934,458 (2018:$1,007,865).Based on the above the Directors believe the Company is in a stable position to continue to pursue its current operations.significAnt

123、chAnges in the stAte of AffAiRs On 5 September 2018,the consolidated entity announced a$3 million capital raising at$0.115(11.5 cents)per share to fund purchase of seismic data and undertake a comprehensive prospectivity update across its 100%owned WA-527-P permit.The capital raising comprised of a$

124、2.5 million placement to institutional and sophisticated investors and a fully underwritten share purchase plan raising$0.5 million.On 11 September 2018,the consolidated entity issued 21,304,348 fully paid ordinary shares at$0.115(11.5 cents)per share in relation to the Tranche 1 placement to instit

125、utional and sophisticated investors.On 3 October 2018,the consolidated entity issued 4,374,170 fully paid ordinary shares at$0.115(11.5 cents)per share in relation to the Share Purchase Plan Offer dated 12 September 2018.On 21 November 2018,the consolidated entity issued 434,782 shares at$0.115(11.5

126、 cents)per share to Mr Noel Newell as the Tranche 2 placement following shareholder approval on 2 November 2018.On 21 February 2019,the Company announced that it had been awarded a 12-month suspension of the Year 5 work program commitment for T/49P,with a corresponding 12-month extension of the perm

127、it term.As a result,Permit Year 6 will end on 21 February 2021.This will allow the Company up until 21 February 2020 to complete acquisition,processing and interpretation of a minimum 750 km2 of 3D seismic data.On 15 May 2019,the Company announced that it had received Environmental Approval from NOP

128、SEMA for the Dorrigo 3D Seismic Survey.The survey covers a number of key leads in 3D Oils 100%-owned T/49-P project.Dorrigo 3D Seismic Survey scheduled for late 2019.There were no other significant changes in the state of affairs of the consolidated entity during the financial year.MATTERS SUBSEqUEN

129、T to the end of the finAnciAl yeAROn 26 July 2019,the National Offshore Petroleum Title Administrator(“NOPTA”)has awarded the Company the VIC/P74 permit in the offshore Gippsland Basin.The 1,006 km2 permit is located on the southern side of the Gippsland Basin.There are no matters or circumstances t

130、hat have arisen since 30 June 2019 that has significantly affected,or may significantly affect the consolidated entitys operations,the results of those operations,or the consolidated entitys state of affairs in future financial years.likely developments And expected Results of opeRAtionsThe consolid

131、ated entity will continue to pursue its exploration interest in VIC/P57 in Joint Venture partnership with Carnarvon Hibiscus Pty Ltd and WA-527-P in the Roebuck Basin of Western Australia.3D Oil will continue to develop other permits held.3D Oil is seeking a farm-in partner to assist in financing th

132、e T/49P work program.enviRonmentAl RegulAtionThe consolidated entity holds participating interests in a number of oil and gas areas.The various authorities granting such tenements require the licence holder to comply with the terms of the grant of the licence and all directions given to it under tho

133、se terms of the licence.There have been no known breaches of the tenement conditions,and no such breaches have been notified by any government agencies during the year ended 30 June 2019.19infoRmAtion on diRectoRsMr Noel NewellExecutive ChairmanQualificationsB App Sc(App Geol)Experience and expertis

134、eNoel Newell holds a Bachelor of Applied Science and has over 25 years experience in the oil and gas industry,with 20 years of this time with BHP Billiton and Petrofina.With these companies he has been technically involved in exploration of areas around the globe,particularly South East Asia and all

135、 major Australian offshore basins.Prior to leaving BHP Billiton in 2002,Noel was Principal Geologist working within the Southern Margin Company and primarily responsible for exploration within the Gippsland Basin.Noel has a number of technical publications and has co-authored Best Paper and runner u

136、p Best Paper at the Australian Petroleum Production&Exploration Association conference and Best Paper at the Western Australian Basins Symposium.Noel is the founder of 3D Oil.Immediately prior to starting 3D Oil,Noel was a technical advisor to Nexus Energy Limited and was directly involved in their

137、move to explore in the offshore of the Gippsland Basin.Other current DirectorshipsNoneFormer Directorships (last 3 years)NoneSpecial responsibilitiesNoneInterests in shares44,082,229 ordinary fully paid shares.Interests in optionsNone Mr Leo DemariaNon-Executive DirectorExperience and expertiseLeo i

138、s a Chartered Accountant with extensive experience in company management,financial management,mergers and acquisitions and risk management.Other currentDirectorshipsNoneFormer Directorships (last 3 years)NoneSpecial responsibilitiesChairman of Audit Committee and Remuneration and Nomination Committe

139、eInterests in shares650,070 ordinary fully paid shares.Interests in optionsNone Mr Ian TchacosNon-Executive DirectorExperience and expertiseIan Tchacos is an oil and gas professional with over 30 years international experience in corporate development and strategy,mergers and acquisitions,petroleum

140、exploration,development and production operations,decision analysis,commercial negotiation,oil and gas marketing and energy finance.He has a proven management track record in a range of international energy company environments.Other current DirectorshipsXstate Resources Limited,ADX Energy LtdFormer

141、 Directorships (last 3 years)NoneSpecial responsibilitiesMember of Audit Committee and Member of Remuneration and Nomination CommitteeInterests in shares428,500 ordinary fully paid sharesInterests in optionsNonecompAny secRetARiesMs Melanie Leydin Company SecretaryMs Leydin has 25 years experience i

142、n the accounting profession including 13 years in the Corporate Secretarial professions and is a company secretary and finance officer for a number of entities listed on the Australian Securities Exchange.She is a Chartered Accountant and a Registered Company Auditor.Since February 2000,she has been

143、 the principal of Leydin Freyer.The practice provides outsourced company secretarial and accounting services to public and private companies specialising in ASX listed entities.Mr Stefan RossCompany SecretaryMr Ross has over 10 years of experience in accounting and secretarial services for ASX Liste

144、d companies.His extensive experience includes ASX compliance,corporate governance control and implementation and statutory financial reporting.Other current Directorships quoted above are current Directorships for listed entities only and excludes Directorships in all other types of entities,unless

145、otherwise stated.Former Directorships(in the last 3 years)quoted above are Directorships held in the last 3 years for listed entities only and excludes Directorships in all other types of entities,unless otherwise stated.20meetings of diRectoRsThe number of meetings of the Companys Board of Director

146、s(the Board)held during the year ended 30 June 2019,and the number of meetings attended by each Director were:Meetings Held*Meetings AttendedMr N Newell55Mr L Demaria55Mr I Tchacos53Held:represents the number of meetings held during the time the Director held office.*There are no sub-committees.Remu

147、neRAtion RepoRt(AUDITED)The remuneration report,which has been audited,outlines the Director and executive remuneration arrangements for the Company,in accordance with the requirements of the Corporations Act 2001 and its Regulations.Key management personnel are those persons having authority and re

148、sponsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all Directors.The remuneration report is set out under the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agre

149、ements Share-based compensation Additional information Additional disclosures relating to key management personnelPrinciples used to determine the nature and amount of remunerationThe objective of the consolidated entitys executive reward framework is to ensure reward for performance is competitive

150、and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders,and conforms with the market best practice for delivery of reward.The Board of Directors(the Board)ensures that executive reward sat

151、isfies the following key criteria for good reward governance practices:competitiveness and reasonableness acceptability to shareholders alignment of executive compensation transparencyThe Board is responsible for determining and reviewing remuneration arrangements for its Directors and executives.Th

152、e performance of the consolidated entity and the Company depends on the quality of its Directors and executives.The remuneration philosophy is to attract,motivate and retain high performance and high quality personnel.The Board has structured an executive remuneration framework that is market compet

153、itive and complementary to the reward strategy of the consolidated entity.The reward framework is designed to align executive reward to shareholders interests.The Board have considered that it should seek to enhance shareholders interests by:focusing on sustained growth in shareholder wealth,consist

154、ing of dividends and growth in share price,and delivering constant or increasing return on assets as well as focusing the executive on key non-financial drivers of value attracting and retaining high calibre executivesAdditionally,the reward framework should seek to enhance executives interests by:r

155、ewarding capability and experience reflecting competitive reward for contribution to growth in shareholder wealth providing a clear structure for earning rewardsIn accordance with best practice corporate governance,the structure of non-executive Director and executive Director remuneration is separa

156、te.21Non-executive Directors remunerationFees and payments to non-executive Directors reflect the demands which are made on,and the responsibilities of the Directors.Non-executive Directors fees and payments are reviewed annually by the Board.The chairmans fees are determined independently to the fe

157、es of other non-executive Directors based on comparative roles in the external market.The chairman is not present at any discussions relating to determination of his own remuneration.Non-executive Directors do not receive share options or other incentives.ASX listing rules requires that the aggregat

158、e non-executive Directors remuneration shall be determined periodically by a general meeting.The most recent determination was at the Annual General Meeting held on 21 November 2012,where the shareholders approved an aggregate remuneration of$400,000.Executive remunerationThe consolidated entity aim

159、s to reward executives with a level and mix of remuneration based on their position and responsibility,which are both fixed.The executive remuneration and reward framework has three components:base pay and non-monetary benefits share-based payments other remuneration such as superannuation and long

160、service leaveThe combination of these comprises the executives total remuneration.Fixed remuneration,consisting of base salary,superannuation and non-monetary benefits,are reviewed annually by the Board,based on individual and business unit performance,the overall performance of the Company and comp

161、arable market remunerations.Executives can receive their fixed remuneration in the form of cash or other fringe benefits(for example motor vehicle benefits)where it does not create any additional costs to the Company and adds additional value to the executive.All Executives are eligible to receive a

162、 base salary(which is based on factors such as experience and comparable industry information)or consulting fee.The Board reviews the Executive Chairmans remuneration package,and the Executive Chairman reviews the senior Executives remuneration packages annually by reference to the consolidated enti

163、tys performance,executive performance and comparable information within the industry.The performance of Executives is measured against criteria agreed annually with each executive and is based predominantly on the overall success of the consolidated entity in achieving its broader corporate goals.Bo

164、nuses and incentives are linked to predetermined performance criteria.The Board may,however,exercise its discretion in relation to approving incentives,bonuses,and options,and can require changes to the Executive Chairmans remuneration.This policy is designed to attract the highest calibre of Execut

165、ives and reward them for performance that results in long-term growth in shareholder wealth.All remuneration paid to Directors and Executives is valued at the cost to the consolidated entity and expensed.Options are valued using the Black-Scholes or Binomial methodology.The long-term incentives(LTI)

166、includes long service leave and share-based payments.Shares and or options are awarded to executives on the discretion of the Board based on long-term incentive measures.Consolidated entity performance and link to remunerationRemuneration packages do not include performance-based components.An indiv

167、idual member of staffs performance is assessed by reference to their contribution to the Companys overall achievements.The intention of this program is to facilitate goal congruence between Executives with that of the business and shareholders.Generally,the executives remuneration is tied to the con

168、solidated entitys successful achievement of certain key milestones as they relate to its operating activities.Voting and comments made at the Companys 2 November 2018 Annual General Meeting(AGM)The Company received 98.73%of for votes in relation to its remuneration report for the year ended 30 June

169、2018.The Company did not receive any specific feedback at the AGM regarding its remuneration practices.detAils of RemuneRAtionAmounts of remunerationDetails of the remuneration of key management personnel of the consolidated entity are set out in the following tables.Details of the remuneration of t

170、he Directors and other key management personnel(defined as those who have the authority and responsibility for planning,directing and controlling the major activities of the Company)of the Company are set out in the following tables.22Short-term benefitsPost-employment benefitsLong-term benefitsShar

171、e-based paymentsSalary and feesTermination feesNon-monetarySuper-annuationLong service leaveEquity-settled performance rightsTotal2019$Non-Executive Directors:Mr I Tchacos 43,151-4,099-47,250Mr L Demaria41,096-3,904-45,000Executive Directors:Mr N Newell337,488-19,308-356,796421,735-27,311-449,046201

172、8$Non-Executive Directors:Mr I Tchacos 43,151-4,099-47,250Mr L Demaria41,096-3,904-45,000Executive Directors:Mr N Newell337,488-19,308-17,952374,748421,735-27,311-17,952466,998The proportion of remuneration linked to performance and the fixed proportion are as follows:Fixed remunerationAt risk STIAt

173、 risk LTIName201920182019201820192018Non-Executive Directors:Mr I Tchacos100%100%-Mr L Demaria100%100%-Executive Directors:Mr N Newell100%95%-5%23seRvice AgReementsRemuneration and other terms of employment for key management personnel are formalised in service agreements.Details of these agreements

174、 are as follows:Mr N Newell Executive ChairmanAgreement commenced1 November 2006Details(i)Mr Newell may resign from his position and thus terminate this contract by giving 6 months written notice.(ii)The Company may terminate this employment agreement by providing 6 months written notice.(iii)The Co

175、mpany may terminate the contract at any time without notice if serious misconduct has occurred.Where termination with cause occurs,Mr Newell is only entitled to that portion of remuneration which is fixed,and only up to the date of termination.(iv)On termination of the agreement,Mr Newell will be en

176、titled to be paid those outstanding amount owing to him up until the Termination date.Mr Ian TchacosNon-Executive Director Agreement commenced14 October 2016Details(i)Mr Tchacos may resign from his position and thus terminate this contract by giving 3 months written notice.(ii)The Company may termin

177、ate this employment agreement by providing 3 months written notice.(iii)The Company may terminate the contract at any time without notice if serious misconduct has occurred.Where termination with cause occurs,Mr Tchacos is only entitled to that portion of remuneration which is fixed,and only up the

178、date of termination.(iv)On termination of the agreement,Mr Tchacos will be entitled to be paid those outstanding amounts owing to him up until the Termination date.Mr Leo DemariaNon-Executive DirectorAgreement commenced30 September 2014Details(i)Mr Demaria may resign from his position and thus termi

179、nate this contract by giving 3 months written notice.(ii)The Company may terminate this employment agreement by providing 3 months written notice.(iii)The Company may terminate the contract at any time without notice if serious misconduct has occurred.Where termination with cause occurs,Mr Demaria i

180、s only entitled to that portion of remuneration,which is fixed,and only up the date of termination.(iv)On termination of the agreement,Mr Demaria will be entitled to be paid those outstanding amounts owing to him up until the Termination date.Key management personnel have no entitlement to terminati

181、on payments in the event of removal for misconduct.24SHARE-BASED COMPENSATIONIssue of sharesThe Company issued 1,552,072 shares to a Director and a former key management personnel as part of compensation during the year ended 30 June 2019.OptionsThere were no options over ordinary shares granted to

182、or vested by Directors and other key management personnel as part of compensation during the year ended 30 June 2019.Performance rightsThere are no outstanding performance rights at 30 June 2019.The terms and conditions of each grant of performance rights over ordinary shares affecting remuneration

183、of Directors and other key management personnel related to the comparative financial periods are as follows:Grant dateVesting date and exercisable dateExpiry dateShare price hurdle for vestingFair value per right at grant date24/11/201523/11/201823/11/2018$0.000$0.027 24/12/201523/12/201823/12/2018$

184、0.000$0.021 Performance rights granted carry no dividend or voting rights.Performance rights vested and exercised during the year.There are no outstanding performance rights at 30 June 2019.teRms of peRfoRmAnce RightsThe Performance Rights were issued for$Nil consideration,and the vesting of the rig

185、hts is contingent on the Company achieving certain hurdles over a three year performance period.The number of Performance Rights which vest is determined by assessing the performance of the Company,as measured by Total Shareholder Return(TSR)at the Performance Date relative to a comparator group of

186、companies.The VWAP of the Shares in the one-month preceding the Performance Date compared to the VWAP of the Shares in the one-month preceding the grant date,will be used in calculating the TSR over the three year period.The TSR incorporate capital returns as well as dividends notionally reinvested

187、and is considered the most appropriate means of measuring the Companys performance.Performance Rights will only convert to Shares subject to the Performance Period being met and subject to the Companys TSR being at least equal to the median of the comparator group performance.The entire annual alloc

188、ation will convert if the Companys TSR is at the 75th percentile or higher than the comparator group performance.The detailed breakdown of the relationship between the Companys performance and the conversion of Performance Rights is:0%converting if the Company TSR performance is below the median per

189、formance of the comparator group.50%to 100%converting if the Company TSR performance is at or above the median performance of the comparator group,but below the 75th percentile performance of the comparator group.100%converting if the Company TSR performance is at or above the 75th percentile perfor

190、mance of the comparator group.Under the LTI Plan there will be a straight line pro-rata conversion of Performance Rights to Shares where the Companys TSR performance is between the median and 75th percentile performance.1,552,072 performance rights over ordinary shares granted to a Director and a fo

191、rmer key management personnel vested during the year ended 30 June 2019.Consequently,the Company issued equivalent number of shares to the rights owners.There are no outstanding performance rights or shares granted to Directors and other key management personnel at 30 June 2019.Additional informatio

192、nThe earnings of the consolidated entity for the five years to 30 June 2019 are summarised below:20192018201720162015$Interest income/sundry income43,62927,69614,67773,967192,286Net profit/(loss)before tax(1,089,254)(1,154,810)(1,839,978)(10,332,422)2,356,252Net profit/(loss)after tax(1,089,254)(1,1

193、54,810)(1,839,978)(10,291,156)2,314,986The factors that are considered to affect total shareholders return(TSR)are summarised below:20192018201720162015Share price at financial year start($)0.050.040.020.060.07Share price at financial year end($)0.110.050.040.020.06Basic earnings per share(cents per

194、 share)(0.42)(0.49)(0.77)(4.33)0.9725Additional disclosures relating to key management personnelShareholdingThe number of shares in the Company held during the financial year by each Director and other members of key management personnel of the consolidated entity,including their related parties,is

195、set out below:Balance at the start of the yearReceived as part of remuneration AdditionsDisposals/otherBalance at the end of the yearOrdinary sharesMr N Newell 42,545,4541,101,993434,782-44,082,229Mr L Demaria650,070-650,070Mr I Tchacos 428,500-428,50043,624,0241,101,993434,782-45,160,799Performance

196、 rights holdingThe number of performance rights over ordinary shares in the Company held during the financial year by each Director and other members of key management personnel of the consolidated entity,including their related parties,is set out below:Balance at the start of the yearGrantedVestedE

197、xpired/forfeited/otherBalance at the end of the yearPerformance rights over ordinary sharesMr N Newell1,496,000-(1,101,993)(394,007)-1,496,000-(1,101,993)(394,007)-This concludes the remuneration report,which has been audited.26Shares under optionThere were no unissued ordinary shares of 3D Oil Limi

198、ted under option outstanding at the date of this report.Shares under performance rightsThere were no unissued ordinary shares of 3D Oil Limited under performance rights outstanding at the date of this report.Shares issued on the exercise of optionsThere were no ordinary shares of 3D Oil Limited issu

199、ed on the exercise of options during the year ended 30 June 2019 and up to the date of this report.Shares issued on the exercise of performance rightsThe consolidated entity issued 1,552,072 ordinary shares on the exercise of performance rights during the year ended 30 June 2019 and up to the date o

200、f this report.Please refer note 16 to the financial statements for further information.Indemnity and insurance of officersThe consolidated entity has indemnified the Directors of the Company for costs incurred,in their capacity as a Director,for which they may be held personally liable,except where

201、there is a lack of good faith.During the financial year,the Company paid a premium in respect of a contract to insure the Directors of the Company against a liability to the extent permitted by the Corporations Act 2001.The contract of insurance prohibits disclosure of the nature of liability and th

202、e amount of the premium.Indemnity and insurance of auditorThe Company has not otherwise,during or since the financial year,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During the financial year,the Company has not pai

203、d a premium in respect of a contract to insure the auditor of the Company or any related entity.Proceedings on behalf of the CompanyNo person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company,or to intervene in any proceed

204、ings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.Non-audit servicesThere were no non-audit services provided during the financial year by the auditor.Officers of the Company who are former partners of Grant Th

205、ornton Audit Pty LtdThere are no officers of the Company who are former partners of Grant Thornton Audit Pty Ltd.Auditors independence declarationA copy of the auditors independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors re

206、port.AuditorGrant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.Rounding of amounts3D Oil Limited is a type of Company that is referred to in ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191 and therefore the amoun

207、ts contained in this report and in the financial report have been rounded to the nearest dollar.This report is made in accordance with a resolution of Directors,pursuant to section 298(2)(a)of the Corporations Act 2001.On behalf of the DirectorsNoel Newell Executive Chairman30 September 2019 Melbour

208、ne27Auditors independence declaration This page has intentionally been left blank for the insertion of the auditors independence declarationGrant Thornton Audit Pty Ltd ACN 130 913 594a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389Grant Thornton refers to the brand

209、under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refers to one or more member firms,as the context requires.Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a world

210、wide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate one another and are not liable for one anothers acts or omissions.In the Australi

211、an context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.GTIL is not an Australian related entity to Grant Thornton Australia Limited.Liability limited by a scheme approved under Professio

212、nal Standards L.auCollins Square,Tower 5727 Collins StreetMelbourne VIC 3008Correspondence to:GPO Box 4736Melbourne VIC 3001T+61 3 8320 2222F+61 3 8320 2200E W .auAuditors Independence Declaration To the Directors of 3D Oil LimitedIn accordance with the requirements of section 307C of the Corporatio

213、ns Act 2001,as lead auditor for the audit of 3D Oil Limited for the year ended 30 June 2019,I declare that,to the best of my knowledge and belief,there have been:ano contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit;andbno contraventions of

214、 any applicable code of professional conduct in relation to the audit.Grant Thornton Audit Pty LtdChartered AccountantsB L Taylor Partner-Audit&AssuranceMelbourne,30 September 2019 28finAnciAl RepoRts29stAtement of pRofit oR loss And otheR compRehensive incomeFor the year ended 30 June 2019Consolida

215、tedNote20192018$Interest income calculated using the effective interest method43,62927,696ExpensesCorporate expenses(479,721)(233,525)Administrative expenses(88,952)(55,759)Employment expenses(418,442)(613,471)Occupancy expenses(91,619)(106,014)Depreciation and amortisation expense5(32,762)(65,386)F

216、oreign exchange loss-(146)Exploration costs written off(19,740)(83,992)Share based payments-(23,654)Finance costs5(1,647)(559)Loss before income tax expense(1,089,254)(1,154,810)Income tax expense6-Loss after income tax expense for the year attributable to the owners of 3D Oil Limited(1,089,254)(1,1

217、54,810)Other comprehensive income for the year,net of tax-Total comprehensive income for the year attributable to the owners of 3D Oil Limited(1,089,254)(1,154,810)CentsCentsBasic earnings per share28(0.42)(0.49)Diluted earnings per share28(0.42)(0.49)The above statement of profit or loss and other

218、comprehensive income should be read in conjunction with the accompanying notes30stAtement of finAnciAl positionAs at 30 June 2019ConsolidatedNote20192018$AssetsCurrent assetsCash and cash equivalents7934,458 1,007,865 Financial assets at amortised cost858,288 15,329 Short term investments91,000,000-

219、Prepayments38,401 24,489 Total current assets2,031,147 1,047,683 Non-current assetsProperty,plant and equipment1017,800 14,289 Intangibles1194,160 108,922 Exploration and evaluation1210,735,892 9,821,789 Total non-current assets10,847,852 9,945,000 Total assets12,878,999 10,992,683 LiabilitiesCurren

220、t liabilitiesTrade and other payables131,000,333 832,167 Employee benefits14127,767 111,952 Total current liabilities1,128,100 944,119 Non-current liabilitiesEmployee benefits158,156 3,671 Total non-current liabilities8,156 3,671 Total liabilities1,136,256 947,790 Net assets11,742,743 10,044,893 Equ

221、ityIssued capital1655,483,678 52,657,366 Reserves17-53,221 Accumulated losses(43,740,935)(42,665,694)Total equity11,742,743 10,044,893 The above statement of financial position should be read in conjunction with the accompanying notes31STATEMENT OF CHANGES IN EqUITYFor the year ended 30 June 2019Con

222、tributed equityAccumulated lossesReservesTotal equityConsolidated$Balance at 1 July 201752,657,366(41,525,787)44,47011,176,049Loss after income tax expense for the year-(1,154,810)-(1,154,810)Other comprehensive income for the year,net of tax-Total comprehensive income for the year-(1,154,810)-(1,15

223、4,810)Transactions with owners in their capacity as owners:Share-based payments-23,65423,654Expiry of Options-14,903(14,903)-Balance at 30 June 201852,657,366(42,665,694)53,22110,044,893Contributed equityAccumulated lossesReservesTotal equityConsolidated$Balance at 1 July 201852,657,366(42,665,694)5

224、3,22110,044,893Loss after income tax expense for the year-(1,089,254)-(1,089,254)Other comprehensive income for the year,net of tax-Total comprehensive income for the year-(1,089,254)-(1,089,254)Transactions with owners in their capacity as owners:Contributions of equity,net of transaction costs(not

225、e 16)2,787,104-2,787,104Expiry of performance rights-14,013(14,013)-Conversion of vested performance rights39,208-(39,208)-Balance at 30 June 201955,483,678(43,740,935)-11,742,743The above statement of changes in equity should be read in conjunction with the accompanying notes 32stAtement of cAsh fl

226、owsFor the year ended 30 June 2019ConsolidatedNote20192018$Cash flows used in operating activitiesPayments to suppliers and employees(inclusive of GST)(984,616)(1,009,715)Interest received28,230 27,922 Interest paid(1,648)(559)Net cash used in operating activities27(958,034)(982,352)Cash flows from/

227、(used in)investing activitiesPayments for property,plant and equipment10(18,845)-Payments for intangibles11(2,665)-Payments for exploration and evaluation(880,967)(314,206)Proceeds(used)/from short term investments(1,000,000)1,000,000 Net cash from/(used in)investing activities(1,902,477)685,794 Cas

228、h flows from financing activitiesProceeds from issue of shares163,003,035-Share issue transaction costs(215,931)-Net cash from financing activities2,787,104-Net decrease in cash and cash equivalents(73,407)(296,558)Cash and cash equivalents at the beginning of the financial year1,007,865 1,304,423 C

229、ash and cash equivalents at the end of the financial year7934,458 1,007,865 The above statement of cash flows should be read in conjunction with the accompanying notes33notes to the finAnciAl stAtements30 June 2019NOTE 1.GENERAL infoRmAtionThe financial statements cover 3D Oil Limited as a consolida

230、ted entity consisting of 3D Oil Limited and the entities it controlled at the end of,or during,the year.The financial statements are presented in Australian dollars,which is 3D Oil Limiteds functional and presentation currency.3D Oil Limited is a listed public company limited by shares,incorporated

231、and domiciled in Australia.Its registered office and principal place of business is:Level 18 41 Exhibition Street Melbourne VIC 3000 A description of the nature of the consolidated entitys operations and its principal activities are included in the Directors report,which is not part of the financial

232、 statements.The financial statements were authorised for issue,in accordance with a resolution of Directors,on 30 September 2019.The Directors have the power to amend and reissue the financial statements.NOTE 2.significAnt Accounting policiesThe principal accounting policies adopted in the preparati

233、on of the financial statements are set out either in the respective notes or below.These policies have been consistently applied to all the years presented,unless otherwise stated.new oR Amended Accounting stAndARds And inteRpRetAtions AdoptedThe consolidated entity has adopted all of the new or ame

234、nded Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)that are mandatory for the current reporting period.Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.going conceRnThe financial repo

235、rt has been prepared on the going concern basis,which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business.The working capital position as at 30 June 2019 of the consolidated entity results in an excess of

236、 current assets over current liabilities of$903,047(30 June 2018:$103,564).The consolidated entity made a loss after tax of$1,089,254 during the financial year(2018 loss:$1,154,810)and had net operating cash outflows of$958,034(2018:$982,352).The cash balances,including term deposits,as at 30 June 2

237、019 was$1,934,458(2018:$1,007,865).The continuing viability of the consolidated entity and its ability to continue as a going concern is dependent upon the consolidated entity being successful in its continuing efforts in exploration projects and accessing additional sources of capital to meet the c

238、ommitments within twelve(12)months from the date of this report.To meet the Companys funding requirements as and when they fall due the Group will need to take appropriate steps,including a combination of:Raising capital by one of or a combination of the following:placement of shares,rights issue,sh

239、are purchase plan,etc;Meeting its obligations by either farm-out or partial sale of the Groups exploration interests;Subject to negotiation and approval,minimum work requirements may be varied or suspended,and/or permits may be surrendered or cancelled;or Other avenues that may be available to the G

240、roup.This financial report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.Should the Group be unable to obtain the funding as described above,the

241、re is a material uncertainty as to whether the Group will be able to continue as a going concern,and therefore,whether it will be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different from those stated in the financial repo

242、rt.The financial report does not include any adjustment relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification of liabilities that may be necessary should the Group be unable to continue as a going concern.Having carefully assessed the poten

243、tial uncertainties relating to the consolidated entitys ability to effectively fund exploration activities and operating expenditures,the Directors believe that the consolidated entity will continue to operate as a going concern for the foreseeable future.Therefore,the Directors consider it is appro

244、priate to prepare the financial statements on a going concern basis.Rounding of Amounts3D Oil Limited is a type of Company that is referred to in ASIC Corporations(Rounding in Financial/Directors Reports)Instrument 2016/191 and therefore the amounts contained in this report and in the financial repo

245、rt have been rounded to the nearest dollar.BASIS OF PREPARATIONThese general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate fo

246、r for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board(IASB).Historical cost conventionThe financial statements have been prepared under the historical cost convention,except for

247、,where applicable,the revaluation of financial assets and liabilities at fair value through profit or loss,financial assets at fair value through other comprehensive income,investment properties,certain classes of property,plant and equipment and derivative financial instruments.Critical accounting

248、estimatesThe preparation of the financial statements requires the use of certain critical accounting estimates.It also requires management to exercise its judgement in the process of applying the consolidated entitys accounting policies.The areas involving a higher degree of judgement or complexity,

249、or areas where assumptions and estimates are significant to the financial statements,are disclosed in note 3.34pARent entity infoRmAtionIn accordance with the Corporations Act 2001,these financial statements present the results of the consolidated entity only.Supplementary information about the pare

250、nt entity is disclosed in note 24.pRinciples of consolidAtionThe consolidated financial statements incorporate the assets and liabilities of all subsidiaries of 3D Oil Limited(Company or parent entity)as at 30 June 2019 and the results of all subsidiaries for the year then ended.3D Oil Limited and i

251、ts subsidiaries together are referred to in these financial statements as the consolidated entity.Subsidiaries are all those entities over which the consolidated entity has control.The consolidated entity controls an entity when the consolidated entity is exposed to,or has rights to,variable returns

252、 from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity.They are de-consolidated from the date that control

253、ceases.Intercompany transactions,balances and unrealised gains on transactions between entities in the consolidated entity are eliminated.Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred.Accounting policies of subsidiaries have

254、 been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.The acquisition of subsidiaries is accounted for using the acquisition method of accounting.A change in ownership interest,without the loss of control,is accounted for as an equity transaction,wh

255、ere the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.Where the consolidated entity loses control over a subsidiary,it derecognises the assets including goodwill,li

256、abilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or

257、 loss.Revenue RecognitionInterestInterest revenue is recognised as interest accrues using the effective interest method.This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,which is the r

258、ate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.income tAxThe income tax expense or benefit for the period is the tax payable on that periods taxable income based on the applicable income tax

259、 rate for each jurisdiction,adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences,unused tax losses and the adjustment recognised for prior periods,where applicable.Deferred tax assets and liabilities are recognised for temporary differences at the tax

260、rates expected to be applied when the assets are recovered or liabilities are settled,based on those tax rates that are enacted or substantively enacted,except for:When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transactio

261、n that is not a business combination and that,at the time of the transaction,affects neither the accounting nor taxable profits;or When the taxable temporary difference is associated with interests in subsidiaries,associates or joint ventures,and the timing of the reversal can be controlled and it i

262、s probable that the temporary difference will not reverse in the foreseeable future.Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.The

263、 carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered.Previously unrecognised

264、 deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and d

265、eferred tax assets against deferred tax liabilities;and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.3D Oil Limited(the head entity)and its wholly-owned Australian subsidiaries have formed an income ta

266、x consolidated group under the tax consolidation regime.The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts.The tax consolidated group has applied the separate taxpayer within group approach in determining the appropria

267、te amount of taxes to allocate to members of the tax consolidated group.CURRENT AND NON-cuRRent clAssificAtionAssets and liabilities are presented in the statement of financial position based on current and non-current classification.An asset is classified as current when:it is either expected to be

268、 realised or intended to be sold or consumed in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading;it is expected to be realised within 12 months after the reporting period;or the asset is cash or cash equivalent unless restricted from being exchanged or

269、used to settle a liability for at least 12 months after the reporting period.All other assets are classified as non-current.A liability is classified as current when:it is either expected to be settled in the consolidated entitys normal operating cycle;it is held primarily for the purpose of trading

270、;it is due to be settled within 12 months after the reporting period;or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.All other liabilities are classified as non-current.Deferred tax assets and liabilities are always classi

271、fied as non-current.35exploRAtion expendituReExploration expenditure incurred is accumulated in respect of each identifiable area of interest.These costs are only carried forward in relation to each area of interest to the extent the following conditions are satisfied:(a)the rights to tenure of the

272、area of interest are current;and(b)at least one of the following conditions is also met:(i)the exploration and evaluation expenditures are expected to be recouped through successful development and exploitation of the area of interest,or alternatively,by its sale;and(ii)exploration and evaluation ac

273、tivities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves,and active and significant operations in,or in relation to,the area of interest are continuing.Accumulated costs in

274、 relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made.When production commences,the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the econ

275、omically recoverable reserves.A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward cost in relation to that area of interest.Costs of site restoration are provided over the life of the facility from when exploration commences and are

276、 included in the cost of that stage.Site restoration costs include the dismantling and removal of mining plant,equipment and building structures,waste removal,and rehabilitation of the site in accordance with clauses of the mining permits.Such costs have been determined using estimates of future cos

277、ts,current legal requirements and technology on an undiscounted basis.Any changes in the estimates for the costs are accounted on a prospective basis.In determining the costs of site restoration,there is uncertainty regarding the nature and extent of the restoration due to community expectations and

278、 future legislation.Accordingly the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site.impAiRment of NON-FINANCIAL ASSETSGoodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are

279、 tested annually for impairment,or more frequently if events or changes in circumstances indicate that they might be impaired.Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.An impairment loss

280、 is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.Recoverable amount is the higher of an assets fair value less costs of disposal and value-in-use.The value-in-use is the present value of the estimated future cash flows relating to the asset using a pre

281、-tax discount rate specific to the asset or cash-generating unit to which the asset belongs.Assets that do not have independent cash flows are grouped together to form a cash-generating unit.leAses The determination of whether an arrangement is or contains a lease is based on the substance of the ar

282、rangement and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.A distinction is made between finance leases,which effectively transfer from the lessor to the lessee substanti

283、ally all the risks and benefits incidental to ownership of leased assets,and operating leases,under which the lessor effectively retains substantially all such risks and benefits.Operating lease payments,net of any incentives received from the lessor,are charged to profit or loss on a straight-line

284、basis over the term of the lease.The consolidated entity has not entered into any finance leases.goods And seRvices tAx(GST)AND OTHER SIMILAR tAxesRevenues,expenses and assets are recognised net of the amount of associated GST,unless the GST incurred is not recoverable from the tax authority.In this

285、 case it is recognised as part of the cost of the acquisition of the asset or as part of the expense.Receivables and payables are stated inclusive of the amount of GST receivable or payable.The net amount of GST recoverable from,or payable to,the tax authority is included in other receivables or oth

286、er payables in the statement of financial position.Cash flows are presented on a gross basis.The GST components of cash flows arising from investing or financing activities which are recoverable from,or payable to the tax authority,are presented as operating cash flows.Commitments and contingencies

287、are disclosed net of the amount of GST recoverable from,or payable to,the tax authority.fAiR vAlue meAsuRementWhen an asset or liability,financial or non-financial,is measured at fair value for recognition or disclosure purposes,the fair value is based on the price that would be received to sell an

288、asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date;and assumes that the transaction will take place either:in the principal market;or in the absence of a principal market,in the most advantageous market.Fair value is measured using the

289、 assumptions that market participants would use when pricing the asset or liability,assuming they act in their economic best interests.For non-financial assets,the fair value measurement is based on its highest and best use.Valuation techniques that are appropriate in the circumstances and for which

290、 sufficient data are available to measure fair value,are used,maximising the use of relevant observable inputs and minimising the use of unobservable inputs.new Accounting stAndARds And inteRpRetAtions not yet mAndAtoRy oR eARly AdoptedAustralian Accounting Standards and Interpretations that have re

291、cently been issued or amended but are not yet mandatory,have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2019.The consolidated entitys assessment of the impact of these new or amended Accounting Standards and Interpretations,most relevant to the co

292、nsolidated entity,are set out below.36AASB 16 LeasesThis standard is applicable to annual reporting periods beginning on or after 1 January 2019.The standard replaces AASB 117 Leases and for lessees will eliminate the classifications of operating leases and finance leases.Subject to exceptions,a rig

293、ht-of-use asset will be capitalised in the statement of financial position,measured at the present value of the unavoidable future lease payments to be made over the lease term.The exceptions relate to short-term leases of 12 months or less and leases of low-value assets(such as personal computers a

294、nd small office furniture)where an accounting policy choice exists whereby either a right-of-use asset is recognised or lease payments are expensed to profit or loss as incurred.A liability corresponding to the capitalised lease will also be recognised,adjusted for lease prepayments,lease incentives

295、 received,initial direct costs incurred and an estimate of any future restoration,removal or dismantling costs.Straight-line operating lease expense recognition will be replaced with a depreciation charge for the leased asset(included in operating costs)and an interest expense on the recognised leas

296、e liability(included in finance costs).In the earlier periods of the lease,the expenses associated with the lease under AASB 16 will be higher when compared to lease expenses under AASB 117.However,EBITDA(Earnings Before Interest,Tax,Depreciation and Amortisation)results will be improved as the oper

297、ating expense is replaced by interest expense and depreciation in profit or loss under AASB 16.For classification within the statement of cash flows,the lease payments will be separated into both a principal(financing activities)and interest(either operating or financing activities)component.For les

298、sor accounting,the standard does not substantially change how a lessor accounts for leases.The consolidated entity will adopt this standard from 1 July 2019.The consolidated entity has elected to apply the modified retrospective method of adoption.This transition method requires the cumulative effec

299、t of initially applying AASB 16 as an adjustment to the opening balance of retained earnings from the date of initial application.In accordance with the modified retrospective method,comparative figures are not restated.As at reporting date,the Group has assessed the impact of the standard and the e

300、xpected impacts are as follows:1.Increase in assets and liabilities amounting to$259,557 and$260,424 respectively.2.Increase in the accumulated losses in the amount of$867.3.It is not expected that there will be any net impact on the consolidated statement of cash flows.NOTE 3.CRITICAL Accounting jU

301、DGEMENTS,estimAtes And AssumptionsThe preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the reported amounts in the financial statements.Management continually evaluates its judgements and estimates in relation to assets,liabilities,

302、contingent liabilities,revenue and expenses.Management bases its judgements,estimates and assumptions on historical experience and on other various factors,including expectations of future events,management believes to be reasonable under the circumstances.The resulting accounting judgements and est

303、imates will seldom equal the related actual results.The judgements,estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities(refer to the respective notes)within the next financial year are discussed below.Share-based pa

304、yment transactionsThe consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted.The fair value is determined by using either the Binomial or Black-Scholes model taking into accoun

305、t the terms and conditions upon which the instruments were granted.The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and

306、 equity.Estimation of useful lives of assetsThe consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its property,plant and equipment and finite life intangible assets.The useful lives could change significantly as a result of technical inno

307、vations or some other event.The depreciation and amortisation charge will increase where the useful lives are less than previously estimated lives,or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.Exploration and evaluation costsExpl

308、oration and evaluation costs have been capitalised on the basis that the consolidated entity will commence commercial production in the future,from which time the costs will be amortised in proportion to the depletion of the mineral resources.Key judgements are applied in considering costs to be cap

309、italised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised.In addition,costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining

310、 interest.The expectation of recovery of the costs capitalised is based on the assumption that the Group will be able to obtain adequate financing to allow the continued exploration and subsequent development of areas of interest by either successfully farming out a proportion of existing permits or

311、 raising adequate capital in its own right.To the extent that capitalised costs are determined not to be recoverable in the future,they will be written off in the period in which this determination is made.NOTE 4.OPERATING segmentsAASB 8 requires operating segments to be identified on the basis of i

312、nternal reports about the components of the consolidated entity that are regularly reviewed by the chief decision maker in order to allocate resources to the segment and to assess its performance.3D Oil Limited operates in the development of oil and gas within Australia.The consolidated entitys acti

313、vities are therefore classified as one operating segment.The chief decision makers,being the Board of Directors,assess the performance of the consolidated entity as a whole and as such through one segment.Accounting policy for operating segmentsOperating segments are presented using the management a

314、pproach,where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers(CODM).The CODM is responsible for the allocation of resources to operating segments and assessing their performance.37NOTE 5.ExPENSES Consolidated20192018$Loss before

315、income tax includes the following specific expenses:DepreciationPlant and equipment(15,334)(29,699)AmortisationSoftware(17,428)(35,687)Total depreciation and amortisation(32,762)(65,386)Post employment benefit plans Superannuation contributions(23,065)(34,527)Equity settled share based payments-(17,

316、740)(23,065)(52,267)Operating lease paymentsOffice lease(84,364)(94,037)Finance costsInterest and finance charges paid/payable(1,647)(559)NOTE 6.INCOME TAx ExPENSE Consolidated20192018$Numerical reconciliation of income tax expense and tax at the statutory rateLoss before income tax expense(1,089,25

317、4)(1,154,810)Tax at the statutory tax rate of 27.5%(299,545)(317,573)Tax effect amounts which are not deductible/(taxable)in calculating taxable income:Entertainment expenses1,997 1,324 Share-based payments-6,505 Prior year under/over adjustment-274,077 Unrecognised tax losses297,548 35,667 Income t

318、ax expense-38Petroleum Resource Rent TaxPetroleum Resource Rent Tax(PRRT)applies to petroleum projects in Australian onshore and offshore areas under the Petroleum Resource Rent Tax Assessment Act 1987.PRRT is assessed on a project basis or production licence area and is levied on the taxable profit

319、s of a petroleum project at a rate of 40%.Eligible expenditure incurred in relation to permits VIC/P57,T49P and WA-527-P,attach to the permit and can be carried forward.Certain specified undeducted expenditure is eligible for annual compounding at set rates.The compound amount can be deducted agains

320、t assessable receipts in future years.Consolidated20192018$Deferred tax assets not recognisedDeferred tax assets not recognised comprises temporary differences attributable to:Tax losses16,685,138 15,846,704 Total deferred tax assets not recognised16,685,138 15,846,704 The above potential tax benefi

321、t,which excludes tax losses,for deductible temporary differences has not been recognised in the statement of financial position as the recovery of this benefit is uncertain.The taxation benefits of tax losses and temporary difference not brought to account will only be obtained if:(i)the consolidate

322、d entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised;(ii)the consolidated entity continues to comply with the conditions for deductibility imposed by law;and(iii)no change in tax legislation adversel

323、y affects the Company in realising the benefits from deducting the losses.NOTE 7.CURRENT ASSETS CASH AND CASH EqUIVALENTSConsolidated20192018$Cash at bank720,969 795,884 Cash on deposit213,489 211,981 934,458 1,007,865 Accounting policy for cash and cash equivalentsCash and cash equivalents includes

324、 cash on hand,deposits held at call with financial institutions,other short-term,highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.39NOTE 8.CURRENT ASSETS

325、 FINANCIAL ASSETS AT AMORTISED COST Consolidated20192018$Trade receivables27,954-Interest receivable16,704 1,305 GST receivable13,630 14,024 58,288 15,329 Trade receivables represent reimbursement of labour costs and third party invoices by JV partners.The average credit period on trade and other re

326、ceivables is 30 days.No interest is charged on the receivables.The consolidated entity has financial risk management policies in place to ensure that all receivables are received within the credit timeframe.Due to the short term nature of these receivables,their carrying value is assumed to be appro

327、ximate to their fair value.Accounting policy for trade and other receivablesTrade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method,less any allowance for expected credit losses.Trade receivables are generally due for s

328、ettlement within 30 days.Other receivables are recognised at amortised cost,less any allowance for expected credit losses.NOTE 9.CURRENT ASSETS SHORT TERM INVESTMENTS Consolidated20192018$Cash on deposit1,000,000-This amount relates to cash on deposit held with a term to maturity greater than 3 mont

329、hs.NOTE 10.NON-CURRENT ASSETS PROPERTY,PLANT AND EqUIPMENT Consolidated20192018$Plant and equipment at cost184,083 201,096 Less:Accumulated depreciation(184,083)(186,807)-14,289 Computer equipment at cost18,845-Less:Accumulated depreciation(1,045)-17,800-17,800 14,289 40ReconciliationsReconciliation

330、s of the written down values at the beginning and end of the current and previous financial year are set out below:Plant&EquipmentTotalConsolidated$Balance at 1 July 201743,98843,988Depreciation expense(29,699)(29,699)Balance at 30 June 201814,28914,289Additions18,84518,845Depreciation expense(15,33

331、4)(15,334)Balance at 30 June 201917,80017,800 Accounting policy for property,plant and equipmentPlant and equipment is stated at historical cost less accumulated depreciation and impairment.Historical cost includes expenditure that is directly attributable to the acquisition of the items.Depreciatio

332、n is calculated on a straight-line basis to write off the net cost of each item of property,plant and equipment(excluding land)over their expected useful lives as follows:Plant and equipment3-7 yearsThe residual values,useful lives and depreciation methods are reviewed,and adjusted if appropriate,at

333、 each reporting date.NOTE 11.NON-CURRENT ASSETS INTANGIBLES Consolidated20192018$Software at cost334,790 421,011 Less:Accumulated amortisation(240,630)(312,089)94,160 108,922 ReconciliationsReconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:SoftwareTotalConsolidated$Balance at 1 July 2017144,609144,609Amortisation expens