3D Oil Limited (TDO) 2022年年度報告「ASX」.pdf

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1、ANNUAL REPORT 2022THE SEQUOIA 3D MARINE SEISMIC SURVEY WILL ALLOW THE JOINT VENTURE TO EVALUATE THE FULL POTENTIAL OF T/49P WITH HIGH-QUALITY,MODERN 3D SEISMICExecutive Chairmans Letter 2 to shareholders Review of operations 4Directors report 21Auditors independence declaration 32Consolidated statem

2、ent of profit or 34 loss and other comprehensive incomeConsolidated statement 35 of financial positionConsolidated statement of changes 36 in equityConsolidated statement of cash flows 37Notes to the consolidated 38 financial statementsDirectors declaration 60Independent auditors report 61 to the me

3、mbers of 3D Oil LimitedShareholder information 64Corporate directory 66Front cover image courtesy of Shearwater1Dear fellow ShareholdersIn last years chairmans letter I state that “3D Oil is now fully committed to becoming a significant east coast gas producer”.I am pleased to report the Company has

4、 again progressed towards reaching that objective.The high points for the Company during the year included;Acquired a new and highly prospective exploration license in the Otway Basin VIC/P79.Entered into a farmout agreement with ConocoPhilips Australia for VIC/P79.Completed,along with its Joint Ven

5、ture partner(ConocoPhilips Australia)an extensive seismic program over the T/49P exploration license.Continue farmout discussions on WA-527-P.Acquired a prospective gas storage license(GSEL 759)with the Company working on energy transitional strategies for the new and emerging energy demands.Secure

6、approximately A$4.6 million in cash as a result of farmout activities during the year thereby reducing the need raise funds from shareholder.At the time of this report the Company has commitments for the funding(free carry)from Joint Venture partners for two offshore well up to US$65m(A$95m).The Com

7、pany has had zero Lost Time Incidents(LTIs)and zero Environmental IncidentsI would like to expand a little on this summary and to provide some detail on what has been a very successful year for our Company.From the outset let me point to one of the significant achievements in the history of 3D Oil,t

8、he acquisition of VIC/P79 in the offshore Otway Basin,followed shortly thereafter by the farmout of the license with ConocoPhillips Australia(“COP”),comprising fantastic terms for 3D Oil.As I write this letter,we are currently nearing completion of the remaining agreements required to finalise the f

9、arm-in.The Companys technical analysis prior to bidding for VIC/P79 allowed 3D Oil to develop an aggressive bid and achieve the ultimate success of securing the Permit.Our analysis of the permit indicates that it offers significant gas potential.This view is enhanced,in part by its proximity to the

10、significant gas fields including Geographe and Thylacine.Shortly after being awarded VIC/P79 the Company negotiated a farm-in deal which included a US$35m(A$50m)free carry for an exploration well and US$3m(A$4.35m)cash consideration.This transaction follows our recent transaction with ConocoPhillips

11、 in T/49P.Arguably these farm-in agreements are among the best in the Australian oil and gas sector for almost two decades providing A$95m of value for 3D Oil based on todays exchange rate.The result is that 3D Oil now has two funded wells in the Otway Basin due to be drilled by early 2025.This is c

12、onsistent with the Companys strategy to provide funding solutions by attracting quality Joint Venture partners and provide a catalyst for significant growth while maintaining a pathway for the ultimate goal of becoming an east coast gas producer.At a technical level the Company has already identifie

13、d a drillable prospect within VIC/P79.The Vanguard prospect has a best estimate prospective of 160 bcf of gas(refer ASX Announcement dated 8 June 2022).This prospect has associated seismic amplitude anomalies which are comparable to anomalies encountered in fields drilled in the Otway basin that hav

14、e achieved a 100%success rate over almost two decades.Additional amplitude supported features have also been recognized down-dip from the La Bella gas discovery and its becoming increasingly clear to 3D Oil that significant prospectivity remains to be uncovered in the Permit.The T/49P planned Sequoi

15、a 3D Seismic Survey was completed during November 2021,with the final versions of the processed data now being received from COP.While it is too early to map prospects on the data,all signs are very encouraging.We expect to have prospects delineated in the coming months.The Company believes that the

16、 T/49P permit is the last place on the east coast where significantly large gas reserves can potentially be uncovered which can be delivered economically to the east coast market.The drilling of the two upcoming exploration wells has come with the backdrop of a gas energy crisis that emerged on the

17、east coast in the winter of 2022.In support of the 3D Oil gas exploration strategy the Australian Energy Market Operator(AEMO)has indicated 2022 Gas Statement of Opportunities that gas is projected to maintain its importance in the Australian domestic energy mix to at least to the 2040s Image courte

18、sy of ShearwaterEXECUTIVE CHAIRMANS LETTER TO SHAREHOLDERS 2VIC/P74 is located offshore in the Gippsland basin also forms a strategically important asset for 3D Oil with respect to the east coast gas market,having 1.8 tcf of best estimate prospective resources(refer ASX Announcement dated 16 Februar

19、y 2021).The recent withdrawal of Hibiscus from the 3D Oil Joint Venture now provides the Company with increased equity enabling 3D Oil to consider new farmout opportunitiesAdding to our two highly prospective offshore Otway blocks is the recent addition of the Caroline Field in the onshore Otway Bas

20、in.The acquisition of GSEL 759 represents an exciting gas storage opportunity for the Company thereby broadening the Companys strategy within the rapidly changing east coast energy market.The license is ideally situated being located only 20km southeast of Mount Gambier and proximal to the South Eas

21、t Pipeline System.Over the next few months,the Company will undertake technical work to better understand the reservoirs suitability for gas storage applications,including storage capacity,reservoir deliverability and seal integrity,with a view to determining the most feasible business model from mu

22、ltiple gas storage and supply scenarios.As a longer-term strategy,WA-527-P is a very large permit in the rapidly emerging and prolific hydrocarbon province in the Bedout Sub-Basin.In contemporary times the uncovering a world class basin is extremely rare.The recent announcement by Carnarvon Energy L

23、imited illustrated a plethora of highly prospective leads and prospects across the basin,with Starbuck and Flint prospects located directly adjacent to the 3D Oil WA-527-P boundary.During the year our permits potential was substantially upgraded with the significant Pavo oil discovery in the neighbo

24、uring Permit.The Pavo 1 exploration well encountered a significant light oil(52API)discovery within excellent reservoirs of the Caley Member,with 46m net pay(60m gross),19%average porosity,80%average oil saturation with high permeabilities of 100-1000 millidarcies reported.Pavo 1 de-risks uncertaint

25、ies around source presence and hydrocarbon migration away from previous discoveries and towards the basin margin,supporting the likely migration to any erosional truncation leads in WA-527-P.ENERGY IN A GLOBAL CONTEXTI would like to now digress briefly and discuss the role of oil and gas in the worl

26、d today this provides important context for 3D Oils future.Hydrocarbons,including gas,supplied 83 per cent of all global energy in 2020 surprisingly that number rose in 2021 by about 6 percent.Its worth reminding ourselves that thousands of products depend on oil and natural gas,from smart-phones an

27、d computers to sporting equipment and the clothes on your back.Petrochemicals are used in about half a million different products.Australia is completely dependent on gas,and coal,for ourselves,as well as for export income.Energy hungry Asia countries where economic growth is tied to power usage are

28、 dependent on Australian gas.In short,while the world is seeking to transition towards alternative energy,hydrocarbons are projected to have role to play in the ultimate energy mix.The global energy sector is currently changing at a pace never witnessed in history.It was just over 2 years ago that e

29、nergy prices were the lowest in human history.At that time oil was trading at negative prices and the world enjoyed these prices across many sectors including the renewable energy manufacturing sector.Very few saw the speed of current energy crisis coming.What has occurred within the two-year period

30、 is extremely rapid increase in prices,particularly in the retail and wholesale downstream markets,reaching some of the highest prices in history.The average range between peak to trough pricing in some sectors around a 90%differential.The impact of this has a profound effect on the world from the E

31、uropean energy crisis to the emerging famine in many poorer countries around the world largely related to fertilizer and energy costs for food production.Further,these prices have only hastened the deindustrialization within the western world with China and counter intuitively Russia being the benef

32、actors of these high energy prices.3D Oil is well placed during this period and in the rapid transition to renewable energy.I am pleased to re-emphasize that 3D Oil shareholders are uniquely placed to benefit from the upside that the Companys exploration strategy and current asset position offers.Fi

33、nally,I would like to comment in a more general sense.As a small Australian company,we use all our efforts and will continue to act responsibly in our increasingly complex markets and operating environment.I would like to thank our shareholders,the communities,employees,contractors and business part

34、ners who continue to offers support and enable us to continue adding value and benefits for all.Noel Newell Executive Chairman3REVIEW OF OPERATIONS4WA-527-P,BEDOUT SUB-BASIN,OFFSHORE NORTHWEST SHELFPetroleum exploration permit WA-527-P is a large permit that covers 6,500km2 of the eastern margin of

35、the Bedout Sub-basin,a structural element of the Roebuck Basin on the prolific Northwest Shelf of Australia(Figure 1).TDO is the Operator and holds 100%interest in the permit,which is situated approximately 50km along trend from the recent Pavo discovery(Carnarvon Energy 20%,Santos 80%).EXPLORATION

36、RATIONALEThe Bedout Sub-Basin is under-explored relative to surrounding prolific petroleum basins due to disappointing results with some of the first exploration wells in the 1970s and 1980s.The discovery of what was believed to be gas in the Phoenix wells in the 1980s also meant the basin was writt

37、en off as gas-bearing for 32 years,until Phoenix South 1 discovered a series of light oil zones with the Barret sandstones in 2014.Subsequent appraisal wells also discovered gas condensate within the Middle Triassic Caley Member(Archer Formation).Roc-1 tested a faulted anticline up-dip from Phoenix

38、South and discovered gas-condensate within sands of the Caley Member also.Dorado-1 was drilled up-dip from Roc in 2018 and was the first test of a new stratigraphic play,leading to the discovery of the largest oil field in Australia over the last 30 years.Dorado has fuelled a resurgence of explorati

39、on activity in the basin,hosting 162 MMbbls of liquids and 748 Bcf of gas within multiple reservoirs of the Middle Triassic Archer Formation,including the Caley,Baxter,Crespin and Milne members.Flow testing of the Dorado-3 appraisal well in September 2019 confirmed excellent reservoir quality,record

40、ing a maximum flow rate of 48 mscf/day of gas and 4,500 bbl/day of oil from the Baxter reservoir,while the Caley reservoir achieved flow rates up to 11,100 bbl/day oil and 21mcf/day associated gas(STO release,8 Oct 2019).Flow rates from both intervals were constrained by surface equipment and are so

41、me of the best recorded on the Northwest Shelf.These are excellent results for reservoirs buried greater than 4000m depth.Figure 1 WA-527-P location,leads and Environmental Planning area for the Sauropod MC3D.“Pavo 1 is a game changer for the prospectivity of WA-527-P,where the Caley play shared man

42、y of the same pre-drill risks as Pavo”5The exploration potential within the Bedout Sub-Basin is best summarised by Figure 2,which compares the undrilled leads in the Bedout Sub-Basin with the highly explored Northern Carnarvon Basin to the southwest.Exploration has progressed from the basin centre t

43、owards the margin,testing the extent of the petroleum system with each new well.The highly anticipated Pavo 1 and Apus 1 exploration wells in March/April 2022 were the next wells to step out towards the basin margin and further support the Companys long held view that the region hosts a prolific pet

44、roleum system.Pavo-1 intersected 46m net pay(60m gross)of light oil(52 API)within the Caley Member.Log analysis of Pavo-1 indicates excellent reservoir quality with 19%average porosity,80%average oil saturation and permeabilities ranging from 100-1000 millidarcies.Similar excellent reservoir quality

45、 can be anticipated within WA-527-P,where any drill targets defined by the planned Sauropod MC3D Seismic Survey will be located at similar depths.The Pavo-1 discovery provides significant uplift in relation to the prospectivity of WA-527-P,where the Caley play shared many of the same pre-drill risks

46、 as Pavo.Pavo-1 de-risks uncertainties around source presence and hydrocarbon migration away from existing discoveries.The discovery highlights the existence of a new charge cell on the eastern side of a structural ridge that extends from Roc to Dorado.The Roc South-1 dry well suggests migration fro

47、m the Dorado charge cell hasnt crossed this ridge to charge Pavo structure.A new charge cell east of the Roc-Dorado ridge supports migration towards the basin margin and any erosional truncation leads in WA-527-P(Figure 3).Pavo-1 also confirms the presence and effectiveness of the Hove Member top/la

48、teral seals along trend from WA-527-P,where the top seal is thinning out of the basin.Importantly the Pavo-1 discovery has also indicated that small structural closures (5-6km2)form an important part of exploration portfolios in the region,hosting a volume of 43 MMbbls of high-quality oil(gross 2C).

49、Despite the commercial failure of the Apus-1 exploration well,the Company believes there is a strong positive take away for WA-527-P.The Carnarvon Energy ASX release states that“while hydrocarbons were observed in the well a commercial hydrocarbon pool has not been discovered”.The Apus trap is an is

50、olated remnant closure formed by the Dorado/Apus canyons and top/lateral sealed by the transgressive Hove Member shales.These canyons prevent the migration of hydrocarbon from the Dorado/Roc charge cell and the only way to provide hydrocarbons to Apus structure is from a deeper,previously untested s

51、ource rock.The presence of any hydrocarbons at Apus points to a deeper expelling source rock that may extend into the WA-527-P permit.Carnarvon attributed well failure to a lack of sufficient quantity of hydrocarbons to form a commercial pool,or the inability to retain significant hydrocarbons with

52、the closure.The Pavo-1 and Apus-1 wells de-risk some of the critical elements within the Caley Member play in WA-527-P.Traps are the final piece of the puzzle.The potential for analogous stratigraphic and structural traps to Dorado and Pavo,respectively,has been delineated along the western margin o

53、f WA-527-P utilising reprocessed legacy 2D seismic(Figure 4).The planned Sauropod MC3D Seismic Survey will support the definition of any potential traps and provide the means to capitalise on TDOs early entry into what remains a highly under explored basin.1 Northern Carnarvon Basin(blue curve),Bona

54、parte Basin(lower green curve),Browse Basin(upper green curve),Bedout Sub-Basin(red curve).Figure 2 Comparison of undrilled prospectivity in the under explored Bedout Sub-Basin with the highly explored Northern Carnarvon Basin.Inset bottom right creaming curve1 courtesy of Rystad Energy ECube June 2

55、020,Rystad Energy Research and Analysis.6Figure 3 Pavo demonstrates the presence of a new charge cell operating in the Bedout Sub-Basin.Figure 4 Amplitude anomaly(full stack)on reprocessed 2D seismic,truncated by a potential erosional channel system within WA-527-P(red arrows delineate edges of chan

56、nel).“Pavo and Apus de-risk some of the critical elements within the Caley Member play in WA-527-P.Traps are the final piece of the puzzle.”7ACTIVITIESOver the course of the year,3D Oil progressed with plans to acquire the Sauropod MC3D in the next available acquisition window and entered discussion

57、s with seismic company CGG to acquire the survey as multi-client data.On 6 September 2021,the Sauropod MC3D Environment Plan(EP)was re-submitted for a one-month public comment period.The EP delineated the same acquisition parameters as previously proposed,including a maximum full fold acquisition ar

58、ea of 3447km2(Figure 1).The Company was subsequently notified by NOPSEMA(National Offshore Petroleum Safety and Environmental Management Authority)of the acceptance of the EP on 16th February 2022.Despite the award of the EP,the Company was disappointed to miss the January-May(inclusive)2022 acquisi

59、tion window.The acquisition was contingent on the availability of an appropriate vessel relative to the timing of approval of the EP.Unfortunately,the award of the EP came after the deadline for the procurement of a vessel had already passed.The only available vessel,the Geo Coral,had already been c

60、ontracted by Santos and Korea National Oil Company for other surveys.3D Oil remains committed to acquiring the Sauropod MC3D Seismic Survey,which underpins the WA-527-P exploration strategy.The survey has several objectives,however,is primarily aimed at determining the potential for remnant traps as

61、sociated with a Triassic erosional channel system that is analogous to the trapping mechanism for the nearby Dorado discovery.Recent 3D seismic acquisition in the basin using the latest imaging techniques and long offset streamer lengths has yielded a significant uplift in image quality.The Sauropod

62、 MC3D will enable the Company to develop a risked and ranked leads and prospects portfolio to attract favourable farm-in terms in fulfillment of the primary term work program.The Company is currently preparing to resubmit the previously approved EP for an acquisition window covering January-May(incl

63、usive)2023,or January-May(inclusive)2024.As recommended by NOPTA(National Offshore Petroleum Titles Administrator),the Company will apply for a 2-year EP and aims to re-submit the revised EP in Q3,2022.To this end,re-engagement with NOPSEMA and key stakeholders has commenced.The Company would ideall

64、y acquire the survey in 2023,however based on the availability of seismic vessels in Australia,a two-year period for the EP is prudent.The Company has launched a renewed farmout campaign following the Pavo oil discovery,which has significantly upgraded the prospectivity of the Caley Sandstone play i

65、n WA-527-P(Refer TDO ASX Announcement 24 March 2022).The Company has observed significant renewed interest from the farm-in market and continues to hold active discussions and data rooms with interested farm-in candidates.PROSPECTIVITYMesozoic LeadsThe Company has identified a series of structures a

66、long the western side of the acreage that may host Triassic sands like those encountered at Dorado and Roc.Trap types in the Triassic play include a combination of conventional faulted anticlines and possible stratigraphic traps,sealed laterally by the incised valley channel systems.Additional inver

67、sion and fault-bound targets within the Jurassic sections are also identified.The largest of the Mesozoic leads include Whaleback and Salamander,with a Best Estimate Prospective Resource of 86 MMbbls and 190 MMbbls respectively.In fact,Salamander is the third largest undrilled Triassic closure in th

68、e Bedout Sub-Basin.The Sauropod MC3D will allow the Company to delineate the structural closure of these features more accurately,and thus update the prospective resource estimates.Palaeozoic LeadsThe Company has identified the presence of at least six reef-like features that could form viable oil t

69、argets,ranging in size from 3-30km2.These are mostly identified within the eastern side of the acreage,within what is interpreted as an extensive Palaeozoic Barrier Reef System.The extension of this system in the onshore Canning Basin is a proven petroleum system at the Blina and Ungani oil fields.T

70、he Sauropod MC3D will provide imaging for the largest of these features located in the north of the permit.Table 1:WA-527-P Prospective Resource Estimate(MMbbls)Recoverable Oil(100%Net Prospective Resources to TDO.Refer to ASX announcement 26-Feb-18)ProspectStatusLowBestHighSalamanderLead57191713Jau

71、bertLead1772205WhalebackLead1687219WA-527-P Total903491,138The 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 develop

72、ment.Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.8T/49P,OTWAY BASIN,OFFSHORE TASMANIATDO holds 20%interest in the T/49P petroleum exploration permit,which is operated by ConocoPhillips Australia.Th

73、e permit is situated west of King Island,Tasmania and covers 4,960 km2,a massive and under explored area of the offshore Otway Basin(Figure 5).The Otway Basin covers an area of 150,000 km2 along the southern margin of Australia and has been an important supplier of gas to the east coast since the 19

74、80s.T/49P is located adjacent to the producing Thylacine and Geographe gas fields(Beach Energy operator,ASX:BPT)and is optimally located to contribute much needed additional resources to the east coast market.Figure 5 T/49P exploration permit relative to Otway Basin discoveries and infrastructure.No

75、te the recently acquired Sequoia 3D MSS covers prospective leads in the central corridor.9EXPLORATION RATIONALET/49P is highly prospective for gas and contains numerous structures in water depths generally no greater than 100m.The north of the permit is covered by the 974 km2 Flanagan 3D Marine Seis

76、mic Survey(MSS),while the central corridor is covered by 1700km2 of the newly acquired Sequoia 3D MSS.Only two early exploration wells have been drilled in the permit(in 1967 and 1970)on historic,widely spaced 2D seismic.In subsequent years the region was largely overlooked by the industry despite t

77、he proximity of the Thylacine and Geographe gas fields.TDO management believes the south-east Australian gas market will be strong in coming years as existing gas production in both the Gippsland and Otway Basin declines.Gas will play an important role as the nation switches from coal fired power an

78、d will support the uptake of renewable energy by filling gaps in the grid where renewable energy generation is intermittent.TDO recognised the potential for the shortfall in gas supply to south-east Australia as early as 2012 and acquired the T/49P exploration permit on that basis.The wider industry

79、 now shares the view that the region contains significant yet-to-find gas.As a result,there is significant exploration and development activity in the basin.Beach Energy has just completed a seven(7)well drilling campaign that has resulted in the Artisan-1 gas discovery and supported an increase in

80、average daily Otway Gas Plant production by 46%to 94 TJ/day gross(Beach Energy Annual Report 2022).Beach Energy has announced an FY24 drilling program around the development of Artisan and La Bella,potentially followed by exploration drilling in FY25 near the Enterprise gas discovery.Cooper Energy(A

81、SX:COE)recently announced a targeted Q3 FY23 Final Investment Decision(FID)for its Otway Phase 3 development project.This involves the development of the Annie gas field,with first gas being targeted before winter 2025 in combination with potential exploration drilling at the Elanora Prospect.Yet an

82、other compelling indication of the importance of the Otway Basin to future east coast gas supply is the expansion of ConocoPhillips title holding in the Otway Basin,by way of farm-in to TDOs newest acreage,VIC/P79 exploration permit.ACTIVITIES This financial year saw the highly anticipated acquisiti

83、on of the Sequoia 3D Marine Seismic Survey(MSS).The Environmental Plan(EP),submitted by Operator ConocoPhillips Australia,was accepted by NOPSEMA(National Offshore Petroleum Safety and Environmental Management Authority)on 10 August 2021 and was valid from 10 August 2021 31 October 2021.The Shearwat

84、er vessel Geo Coral commenced acquisition of the Sequoia 3D MSS in late August and safely completed the acquisition at midnight on 31 October 2021,in accordance with the approved EP from NOPSEMA.The Sequoia 3D MSS was hampered by unprecedented weather in Bass Strait early in the acquisition window w

85、hich,in addition to further EP conditions,resulted in a total acquisition area of approximately 1700km2,less than the approved 2450km2.Despite this,prioritisation of the survey across the central corridor has yielded coverage across the most prospective leads(Figure 5),including all pre-existing lea

86、ds(excluding Flanagan).The survey was completed in full compliance with stringent Environmental Plan(EP)conditions,including all marine mammal and invertebrate management requirements,and fulfills ConocoPhillips commitment to acquire 3D seismic over a minimum area of 1580 km2 within the Permit,as pe

87、r the Farmout Agreement(“FOA”)and TDO ASX Announcement on 18 Dec 2019.No costs were incurred by TDO towards the acquisition of the survey.In combination with the Flanagan 3D MSS,acquired by TDO in 2014,the Sequoia 3D MSS will allow the Joint Venture to evaluate the full potential of the permit with

88、high-quality,modern 3D seismic.Processing of the Sequoia 3D MSS is currently under way and a preliminary fast-track volume was received in July 2022.A significant uplift in data quality is anticipated with the continued progression of processing workflows towards a final volume.A full evaluation of

89、the potential of the permit,including seismic attribute analysis,will be possible once the final volume has been received.Upon interpretation of the Sequoia 3D MSS and high grading of potential gas targets,COPA may elect to drill an exploration well in fulfillment of the current Year 6 work program.

90、As per the FOA,TDO will be carried for up to US$30 million in drilling costs after which it will contribute 20%of drilling costs in line with its interest in the Permit.“TDO management believes the south-east Australian gas market will be strong in coming years as existing gas production in both the

91、 Gippsland and Otway Basin declines”10PROSPECTIVITYFrom a geological standpoint,one of the key reasons T/49P was acquired was due to its unique position with respect to the regional structural configuration of the southern Otway Basin.The permit is located along the edge of a paleo-shelf break,the d

92、epositional focus of a series of thick progradational clinoforms over the last 35 Million Years.These clinoforms have resulted in rapid loading of the proven sources rocks in this section of the Otway Basin.TDO interprets that this mechanism is responsible for providing gas of the largest offshore O

93、tway Basin gas fields,Thylacine and Geographe,and is likely to contribute hydrocarbons to the leads and prospects of T/49P(Figure 6).FLANAGAN PROSPECTFlanagan is a drill ready prospect located in shallow water and defined by the Flanagan 3D MSS,acquired in 2014.The structure has a maximum aerial clo

94、sure of approximately 80 km2 and is ideally located adjacent to multiple source kitchens.The prospect has a best estimate prospective resource of 1.34 TCF(announced 27th July 2017)and is the closest drill target to existing infrastructure at Thylacine and Geographe fields.The potential for gas in th

95、e Flanagan Prospect is supported by quantitative geophysical modelling,which indicates the presence of a Class III Amplitude Versus Offset(AVO)anomaly.In the Otway Basin,this type of response is known to be indicative of gas bearing sands.Figure 6 Modelled gas expulsion and migration“TDO recognized

96、the potential for the shortfall in gas supply to south-east Australia as early as 2012 and acquired the T/49P exploration permit on that basis”11SEAL ROCKS LEADLocated in the south of the permit and at an analogous shelf-break location to Thylacine Field,one of the key objectives of the Sequoia 3D M

97、SS is the Seal Rocks lead(Figure 7).In 2019 TDO completed reprocessing and interpretation of legacy 2D seismic and defined the presence of several high amplitude zones,likely to represent good quality reservoir sands(Figure 7).These reservoirs appear to fit a series of tilted fault-blocks,and while

98、the reprocessed 2D seismic has provided a more accurate understanding of the structure at Seal Rocks,3D seismic is required to determine the true resource potential of the structure.Table 2:T/49P Prospective Resource Estimate(BCF)Gross Recoverable Gas(Net TDO Recoverable Gas)(20%Net Prospective Reso

99、urces to TDO.Refer to ASX announcement 27-Jul-17)LocationStatusLowBestHighFlanaganProspect530(106)1340(268)2740(548)Seal RocksLead950(190)4640(928)10640(2128)Whistler PointLead820(164)2040(408)8950(1790)British AdmiralLead370(74)1030(206)4450(890)HarbingerLead330(66)790(158)1430(286)Munro(in-permit)

100、Lead40(8)190(38)570(114)T/49P Total3040(608)10030(2006)28780(5756)The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s)relate to undiscovered accumulations.These estimates have both an associated risk of discovery and a risk of

101、development.Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbonsFigure 7 Seismic Interpretation and high amplitude zones at the Seal Rocks lead12VIC/P79,OTWAY BASIN,OFFSHORE VICTORIA3D Oil holds 100%interes

102、t in the VIC/P79 exploration permit,awarded from the 2020 Offshore Petroleum Exploration Acreage Release however the Company is currently in the process of farming down to COPA.The permit covers 2,575km2 of the offshore Otway Basin and is located adjacent to the producing Thylacine and Geographe gas

103、 fields(Operated by Beach Energy Limited(ASX:BPT)and the La Bella gas discovery(Figure 8).The permit builds on a strong portfolio of leads and prospects already defined in nearby T/49P(owned 20%TDO),which will likely further grow after the processing and interpretation of the Sequoia 3D Marine Seism

104、ic Survey(MSS),recently acquired by operator ConocoPhillips Australia(COPA).In conjunction with T/49P,the Company has now strategically gained exposure to 60%of Otway Basin exploration by area.EXPLORATION RATIONALEExploration permit VIC/P79(Figure 8)covers a large area with little exploration drilli

105、ng,with water depths ranging from 100-200m.The eastern half of the permit lies within the Shipwreck Trough and is proximal to the largest gas discoveries in the basin,Thylacine and Geographe.In addition,the La Bella gas discovery flanks the permit to the north on the margin of the Mussel Platform,po

106、inting to a rich-gas prone petroleum system operating within the permit.TDO bid aggressively in the Offshore Acreage Release to secure the sought-after permit having recognised the previously overlooked Vanguard Prospect in the eastern half of the acreage,characterised by Direct Hydrocarbon Indicato

107、rs(DHIs)such as flat spots.Accordingly,TDO bid a well in the primary term,which was designed to progress Vanguard to drill-ready status.The acquisition of a DHI supported prospect situated within the proven gas fairway of the region greatly upgrades the Companys position within the Otway Basin.The b

108、asin has witnessed a significant success rate for almost two decades due to the identification of DHIs.The area to the west of the Nautilus-A1 and Triton-1 wells is under explored,with no exploration wells and 2D seismic of varying quality.In-house regional evaluation suggests this area may also hos

109、t prospective reservoir and seal sections,the potential extension of existing plays to the northeast.Proximal discoveries include Henry,Netherby and Pecten fields.The secondary term will focus on the acquisition and processing of a new 1000km2 3D seismic survey in the west,with the intention of sear

110、ching for additional closures.ACTIVITIES VIC/P79 was awarded in February 2022 and shortly thereafter TDO embarked on an accelerated farmout campaign,given early expressions of interest in the permit and the well commitment in the primary term.Preliminary seismic interpretation has been ongoing throu

111、gh this time,leading to the identification of the Defiance and Trident leads,both exhibiting amplitude conformance with structure.Please refer to ASX Announcement dated 8 June 2022 for further information.On 30 June 2022,the Company executed a Farmout Agreement(“FOA”)with ConocoPhillips Australia SH

112、2 Pty Ltd(“ConocoPhillips Australia”)in relation to the offshore Victorian Exploration Permit VIC/P79(TDO ASX Announcement,1 July 2021).Under the terms of the FOA,ConocoPhillips Australia will acquire an Figure 8 VIC/P79 location relative to surrounding fields and infrastructure1380%interest in the

113、Permit and operatorship in exchange for an upfront payment of USD$3 million.ConocoPhillips Australia will also undertake to drill an exploration well as required by the permits Primary Term minimum work commitment(currently required by February 2025).The Company will be carried for up to USD$35 mill

114、ion in well costs,above which it will contribute 20%of costs in line with its interest in the Permit.At the date of this report,agreement is subject to conditions precedent,including the agreement and signing of a Joint Operating Agreement by both parties and required government/regulatory approvals

115、.This second major deal with ConocoPhillips Australia is an outstanding result for the Company,especially given the timeline from permit award to farmout.It should be noted that the FOA is subject to conditions precedent,including the agreement and signing of a Joint Operating Agreement by both part

116、ies and required government/regulatory approvals.PROSPECTIVITYVanguard Gas ProspectVanguard is an east-west trending tilted fault-block trap located on the eastern side of VIC/P79(Figure 9),approximately 5km northwest of Geographe Field between Geographe and the La Bella gas discovery.Vanguard is co

117、nstrained by the La Bella and Investigator 3D seismic surveys and seismic interpretation shows the structure hosts stacked reservoir sands of the Waarre Formation.The structures potential was first realised through the identification of a flat spot within the Lower Waarre(Figure 10).DHIs have been o

118、bserved on the Investigator 3D MSS from three stratigraphic levels across the structure,ranging in depth from approximately 2200-2400mSS.Vanguard boasts a strong amplitude response,and potential Amplitude Variation with Offset(AVO),which is common to adjacent gas discoveries and producing fields and

119、 can indicate the presence of hydrocarbons.In fact,these gas signatures have been identified on 3D seismic data across most offshore Otway Basin gas discoveries throughout the last two decades.Defiance and Trident LeadsBoth Defiance and Trident leads are tilted fault block closures(Figure 11)directl

120、y down-dip from the La Bella gas discovery to the east and similarly exhibit amplitude conformance with structure(Figure 12).Defiance exhibits amplitude conformance with structure at both the Upper Waarre and Lower Waarre horizons,where the Upper Waarre horizon conforms with the deeper,larger gas zo

121、ne at La Bella-1.The Defiance structure has an areal closure of 1.1-1.6km2,however,approximately 50%of the Defiance structure lies outside of the permit to the north and east(Figure 11).Trident has an areal closure of 1.9km2 and exhibits amplitude conformance with structure at the Lower Waarre horiz

122、on only,what is commonly referred to as the Waarre A reservoir at in-board wells,based on the La Bella-1 well-tie.Amplitude conformance with structure is considered one of the most reliable and robust Direct Hydrocarbon Indicators(DHIs),representing buoyancy driven fluid phase boundaries(i.e.,gas-wa

123、ter contacts),and significantly reduces uncertainty around the presence of hydrocarbons.Figure 9 Lower Waarre depth map of the Vanguard Prospect showing the location and extent of the observed flat spot.“The acquisition of a DHI supported prospect situated within the proven gas fairway of the region

124、 greatly upgrades the Companys position within the Otway Basin”14Figure 10 Vanguard structure on the Investigator 3D MSS with flat spot at the Lower Waarre.Figure 11 Lower Waarre TWT structure map showing Defiance and Trident leads.15Table 3:VIC/P79 Prospective Resources Estimate Gross Recoverable G

125、as(Bcf)(100%Prospective Resources to TDO2.Refer to ASX announcement 8-Jun-22)Lead/ProspectStatusLowBestHighVanguardProspect52.5161.5425TridentLead19.537.265DefianceLead17.232.559.9La Bella EastLead1737.565.5La Bella SWLead122954VIC/P79 Total118.2297.7669.4The estimated quantities of petroleum that m

126、ay potentially be recovered by the application of a future development project(s)relate to undiscovered accumulations.These estimates have both an associated risk of discovery and a risk of development.Further exploration appraisal and evaluation is required to determine the existence of a significa

127、nt quantity of potentially moveable hydrocarbons.Figure 12 Lower Waarre RMS amplitude map showing strong conformance of amplitude with structure.Note amplitudes extend beyond the permit towards the north.2 Prospective resource estimates will reduce from 100%to 20%net to TDO on NOPTA approval of the

128、FOA with ConocoPhillips Australia.“This second major deal with ConocoPhillips Australia is an outstanding result for the Company,especially given the timeline from permit award to farmout”.16VIC/P74,GIPPSLAND BASIN OFFSHORE VICTORIAThe VIC/P74 petroleum exploration permit was awarded to TDO on 26th

129、July 2019 and covers an area of 1,006 km2 of the offshore Gippsland Basin,in shallow water depths ranging up to 70m(Figure 13).The Company will hold 100%in the permit pending the withdrawal of Hibiscus Petroleum in 2022.Geologically,the permit straddles the boundary of the Southern Terrace and the C

130、entral Deep on the southern flank of the Gippsland Basin.VIC/P74 is ideally situated,flanking several important discoveries in the basin(Figure 13).Kingfish Field,the largest oil field in Australia,lies 5km to the east and has produced over 1 billion barrels from the classic top Latrobe play.Likewis

131、e,Bream Field lies 5km to the north and represents a significant gas-condensate discovery within the same play.An exploration campaign in the 1980s by former operator Aquitane yielded the first and only discovery inside the permit,consisting of gas condensate within the lower Latrobe Group at Omeo F

132、ield a three-way downside dip closure located adjacent to newly discovered leads against the Southern Terrace.EXPLORATION RATIONALEExploration well post-mortems completed by TDO identified that several well failures in VIC/P74 can be attributed to trap presence,owing to drilling on coarse legacy 2D

133、seismic,as well as depth conversion issues caused by velocity anomalies in the shallow overburden.VIC/P57 on the northern flank of the basin has the same velocity issues,however,TDO has significantly enhanced depth models by licencing CGGs 3D seismic reprocessing over VIC/P57.TDO observed a signific

134、ant uplift in seismic quality and velocities,which has enhanced the accuracy of depth models over Felix Prospect and supported the maturation of Pointer Prospect.TDOs exploration rationale in acquiring VIC/P74 was to licence the CGG multiclient 3D seismic reprocessing to exploit recent advances in r

135、eprocessing techniques and resolve previously missed traps within a prolific petroleum system.Figure 13 VIC/P74 Location17ACTIVITIESVIC/P74 entered Year 3 of the primary work program on 26 July 2021.Early in the year,the Company released an update to the market on Prospective Resource estimates with

136、in the permit(refer to ASX announcement dated 7 October 2021).This update was based on stratigraphic,seismic interpretation and depth conversion studies in the deeper Emperor Subgroup play where additional gas prospectivity has been identified at several existing leads,including Oarfish and Megatoot

137、h.Importantly,these closures are located along strike to the gas sands at the Omeo discovery.Oarfish is now the largest un-risked gas target in the permit(Figure 14),having a total best estimate prospective resource of 544 Bcf,up from 338 Bcf.The lead is situated 2km to the east of Omeo 1A and reser

138、voir/seal pairs are anticipated to be similar.Oarfish essentially has the same trapping configuration as the Omeo structure,which has hydrocarbons at equivalent levels based on log analysis and RFT recovery of water and gas with a thin film of oil/condensate.Megatooth now has a total best estimate r

139、ecoverable prospective resource of 465 Bcf(Figure 14),up from 204 Bcf.The lead is well situated relative to the kitchen underlying Bream towards the northeast and migration can be demonstrated by gas-condensates intersected within the Lower Latrobe Group at Omeo 1A.Emperor gas sands at the Omeo well

140、s lie within 1km of Megatooth.Having now completed the primary term,the next stage of exploration in VIC/P74 will involve the acquisition or purchase of modern 3D seismic data to assist with maturing the best potential lead(s)to prospect status.Prior to entry into the secondary term,where obligation

141、s are year-to-year and entry in the following year is optional,the Joint Venture has completed a strategic review.Accordingly,Hibiscus Petroleum have elected to transfer their 50%participating interest back to 3D Oil.The Joint Venture applied for a Transfer of Title in July,which is currently under

142、review.The Company recognises the potential for VIC/P74 to help address the impending east coast gas supply shortage and remains committed to fulfilling the secondary work program.The Year 4 work commitments are designed to assist with lead maturation and include the acquisition or purchase of 200km

143、2 of modern 3D seismic data,as well as seismic interpretation,depth conversion,inversion and AVO.The Joint Venture have applied to NOPTA for a Variation of Title Conditions before entry into Year 4,seeking to alter aspects of the secondary work program.This application is currently under review.TDO

144、has been approached by interested parties over the course of the year and is continuing the farmout campaign.The Joint Venture is seeking the best possible terms to facilitate the next stages of exploration,including seismic acquisition and drilling.Figure 14 Top Golden Beach Subgroup depth map with

145、 identified closures(purple outlines)“The next stage of exploration in VIC/P74 will involve the acquisition or purchase of modern 3D seismic data to assist with maturing the best potential lead(s)to prospect status”18PROSPECTIVITYBigfin LeadBigfin lies in shallow waters(80m)directly adjacent to the

146、world class Kingfish structure.The trap is a two-way dip closure(maximum closing contour)at the top Golden Beach Subgroup(2950m TVDSS)and has a large areal closure(29km2)and vertical relief(up to 230m).Imaging of the trap,including faults and deeper reflectivity,has been improved through the 3D seis

147、mic reprocessing completed by CGG(Figure 15).Detailed mapping and depth conversion of this data supports a prospective best estimate gas resource of 534 Bcf(502 Bcf in permit).Overlying shallower closures were tested in 1969 by Gurnard-1,a dry hole that recovered an oil show from formation water in

148、the overlying F.longus reservoir.Well failure at the primary Top Latrobe objective is attributed to a lack of cross-fault seal.Gurnard 1 did not intersect the underlying Golden Beach section,which TDO estimates could hold as much as 783 Bcf and 38.6 MMbbls in the high estimate.Paleogeographic maps i

149、ndicate these resources will likely be hosted by coastal plain sands top sealed by Campanian aged volcanics,which have been intersected in nearby offset wells,including the Omeo wells,Speke 1,and Melville 1.Volcanics are proven to form a competent top seal at analogous producing fields in the basin,

150、including Kipper and Manta.The structure has a large throw and relies on cross-fault seal with the F.longus lower coastal plain,consisting of interbedded shales,siltstones and coals.Volcanic intrusions within fault planes form important cross-fault seals for fields along the margin of the Northern T

151、errace and may also provide an additional cross-fault sealing mechanism at Bigfin,given the presence of local intrusive volcanics.Figure 15 Comparison between legacy and CGG 3D reprocessed seismic at Bigfin Lead“The Company recognises the potential for VIC/P74 to help address the impending east coas

152、t gas supply shortage and remains committed to fulfilling the secondary work program”19Table 4:VIC/P74 Prospective Resources Estimate(Bcf)Recoverable Gas(Net TDO Recoverable Gas)(50%Net Prospective Resources to TDO3.Refer to ASX announcement 07-Oct-21).Lead/ProspectStatusLowBestHighOarfishLead303(15

153、2)544(272)918(459)BigfinLead296(148)502(251)783(392)MegatoothLead259(130)465(233)784(392)StargazerLead192(96)344(172)564(282)VIC/P74 Total1050(526)1855(928)3049(1525)Table 5:VIC/P74 Prospective Resources Estimate(MMbbls)Recoverable Condensate(Net TDO Recoverable Condensate)Lead/ProspectStatusLowBest

154、HighOarfishLead4(2)19(9)60(30)BigfinLead2(1)19(10)39(20)MegatoothLead4(2)16(8)51(26)StargazerLead3(1.5)12(6)37(19)VIC/P74 Total13(6.5)66(33)187(95)Table 6:VIC/P74 Prospective Resources Estimate(MMbbls)Recoverable Oil(Net TDO Recoverable Oil)Lead/ProspectStatusLowBestHighMegatoothLead28(14)58(29)107(

155、54)OarfishLead23(11)40(20)71(35)VIC/P74 Total51(26)98(49)178(89)The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s)relate to undiscovered accumulations.These estimates have both an associated risk of discovery and a risk of de

156、velopment.Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.VIC/P57,GIPPSLAND BASIN OFFSHORE VICTORIAExploration Permit VIC/P57 lies in shallow waters of the northwest offshore Gippsland Basin,where it c

157、overs 246 km2(Figure 13).TDO holds a 24.9%interest in VIC/P57,which was renewed by the Joint Venture in 2018 for a further five years,with the primary term designed to de-risk and high grade the prospect inventory and ultimately progress prospects to drill-ready status.VIC/P57 entered the final year

158、 of the Primary Term on 7 March 2020.The JV subsequently received a 12-month Suspension and Extension to the Primary Term,extending the Primary Term to 6 March 2022.ACTIVITIESThe JV has completed the guaranteed primary term(Years 1-3)work program commitments and has worked diligently to attract a po

159、tential partner in the VIC/P57 exploration permit,ahead of the Year 4 work commitment for one exploration well.After a commercial review of the permit,the JV lodged a Consent to Surrender Title application with NOPTA(National Offshore Petroleum Titles Administrator)for the entirety of the VIC/P57 pe

160、troleum exploration permit.As of 11 August 2022,VIC/P57 has been officially surrendered,as published in the Australian Government Gazette.3 The Joint Venture submitted a Transfer of Title application to NOPTA in July 2022.Once approved,this will change to 100%Prospective Resources to TDO.20DIRECTORS

161、 REPORT21The Directors present their report,together with the financial statements,on the consolidated entity(referred to hereafter as the Consolidated Entity)consisting of 3D Oil Limited(referred to hereafter as the Company or parent entity)and the entities it controlled at the end of,or during,the

162、 year ended 30 June 2022.DIRECTORSThe following persons were Directors of 3D Oil Limited during the whole of the financial year and up to the date of this report,unless otherwise stated:Mr Noel NewellMr Ian Tchacos Mr Leo De MariaMr Trevor Slater (appointed on 15 November 2021)PRINCIPAL ACTIVITIESDu

163、ring 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 during the current or previous financial year.The Consolidated Entity does not have franking credits av

164、ailable for subsequent financial years.REVIEW OF OPERATIONSThe loss for the Consolidated Entity after providing for income tax amounted to$1,147,179(30 June 2021:$1,142,095).Refer to the detailed Review of Operations preceding this Directors Report.FINANCIAL POSITIONThe net assets decreased by$1,135

165、,294 to$6,474,226 at 30 June 2022(30 June 2021:$7,609,520).During the year the Consolidated Entity spent a net amount after reimbursements of$715,100(2021:$851,721)on exploration,mainly in relation to WA/527P,T49/P and VIC/P74.The working capital position of the Consolidated Entity as at 30 June 202

166、2 is$137,577(30 June 2021:$2,067,184).The Consolidated Entity incurred net operating cash outflows of$992,645(2021:$1,048,675).The cash balances as at 30 June 2022 was$1,243,195(2021:$3,048,802).RISKS AND UNCERTAINTIESThe Company is subject to risks that are specific to the Company and the Companys

167、business activities,as well as general risks.Future funding risksThe Company is involved in exploration and development of upstream oil and gas assets and is yet to generate revenues.The Company has a cash and cash equivalents balance of$1,243,195 and net assets of$6,474,226 as at 30 June 2022.The C

168、ompany may require substantial additional financing in the future to sufficiently fund exploration commitments and its other longer-term objectives.As the Company is still in the early stages of exploration it has the ability to control the level of its operations and hence the level of its expendit

169、ure over the next 12 months.However,the Companys ability to raise additional funds will be subject to,among other things,factors beyond the control of the Company and its Directors,including cyclical factors affecting the economy and share markets generally.If for any reason the Company was unable t

170、o raise future funds,its ability to meet the exploration commitments and future development would be significantly affected.The Directors regularly review the spending pattern and ability to raise additional funding to ensure the Companys ability to generate sufficient cash inflows to settle its cre

171、ditors and other liabilities.Joint Venture Operations RisksThe Company participates in a number of joint ventures for its business activities.This is a common form of business arrangement designed to share risk and other costs.Under certain joint venture operating agreements,the Company may not cont

172、rol the approval of work programs and budgets and a Joint Venture Partner may vote to participate in certain activities without the approval of the Company.As a result,the Company may experience a dilution of its interest or may not gain the benefit of the activity,except at a significant cost penal

173、ty later in time.Failure to reach agreement on exploration,development and production activities may have a material impact on the Companys business.Failure of the Companys Joint Venture Partners to meet financial and other obligations may have an adverse impact on the Companys business.The Company

174、works closely with its Joint Venture Partners.Commodity price risksFuture value,growth and financial conditions are dependent upon the prevailing prices for oil and gas.Those prices are subject to fluctuations and are affected by numerous factors beyond the control of the Company.Prospective resourc

175、es estimate risksOil and gas resource estimates are expressions of judgement based on knowledge,experience and industry practice.These estimates may alter significantly or become uncertain when new information becomes available and/or there are material changes of circumstances which may result in t

176、he Company altering its plans.This could have a positive or negative effect on the Companys operations.Other risks may affect the resource estimate,for example,commodity price movements.Environmental and social risksThe business of exploration,development and production,involves a variety of risks w

177、hich may impact the community and the environment.The Companys exploration and development activities are subject to local,state,and federal environmental laws and regulations.Oil and gas exploration and development can be potentially environmentally hazardous,giving rise to substantial costs for en

178、vironmental rehabilitation,damage control and losses.The legal framework governing this area of law is complex and constantly developing.There is a risk that the environmental regulations may become more onerous,making the Companys operations more expensive or causing delays.It is the Companys polic

179、y to conduct its activities to the highest standard of environmental obligation.There is no assurance that new environmental laws,regulations or stricter enforcement policies,if implemented,will not oblige the Company to incur significant expense and undertake significant investment,which could have

180、 a material adverse effect on its business,financial conditions and results of operations.The long-term viability of the Company is closely associated to the wellbeing of the communities and environments in which the Company conduct operations.At any stage,the Companys operations and activities may

181、have or be seen to have significant adverse impacts on communities and environments.In these circumstances,the Company may fail to meet the evolving expectations of our stakeholders(including investors,governments,employees,suppliers,customers and community 22members)whose support is needed to reali

182、se our strategy and purpose.This could lead to loss of stakeholder support or regulatory approvals,increased taxes and regulation,enforcement action,litigation or class actions,or otherwise impact our licence to operate and adversely affect our reputation,fund raising capability,ability to attract a

183、nd retain talent,operational continuity and financial performance.Exploration and development risksExploration is a speculative activity with an associated risk of discovery to find oil and gas in commercial quantities,and a risk of development.If the Company is unsuccessful in locating and developi

184、ng or acquiring new reserves and resources that are commercially viable,this may have a material adverse effect on future business,results of operations and financial conditions.Oil and gas exploration is a speculative endeavour and the nature of the business carries a degree of risk associated with

185、 failure to find hydrocarbons in commercial quantities or at all.The Company utilises well-established prospect evaluation,ranking methodologies and experienced personnel to manage exploration and development risks.Reliance on key personnel The Companys success depends to a significant extent upon i

186、ts key management personnel,as well as other management and technical personnel including those employed on a contractual basis.The loss of the services of such personnel or the reduced ability to recruit additional personnel could have an adverse effect on the performance of the Company.The Company

187、 maintains a mixture of permanent staff and expert consultants to advance its programs and ensure access to multiple skill sets.The Company reviews remunerations to human resources regularly.IT system failure and cyber security risksAny information technology system is potentially vulnerable to inte

188、rruption and/or damage from a number of sources,including but not limited to computer viruses,cyber security attacks and other security breaches,power,systems,internet and data network failures,and natural disasters.The Company is committed to preventing and reducing cyber security risks through out

189、sourced the IT management to a reputable services provider.Impact of COVID-19The global impact of the COVID-19 pandemic,and the advice and responses from health and regulatory authorities,is continuously evolving.The global economic outlook is facing uncertainty due to the COVID-19 pandemic which ha

190、s had and may continue to have a significant impact on capital markets and share prices.To date,COVID-19 has affected equity markets,governmental action,regulatory policy,quarantining,self-isolations and travel restrictions.These impacts are creating risks for the Companys business and operations in

191、 the short to medium term.The Company has in place business continuity plans and procedures to help manage the key risks that may cause a disruption to the Companys business and operations,but their adequacy cannot be predicted.The Companys Directors are closely monitoring the situation and consider

192、ing the impact on the Companys business from both a financial and operational perspective.Regulatory riskThe Company operates in a highly regulated environment and complies with regulatory requirements.There is a risk that regulatory approvals are withheld or take longer than expected,or that unfore

193、seen circumstances arise where requirements may not be adequately addressed in the eyes of the regulator and costs may be incurred to remediate perceived non-compliance and/or obtain approval(s).The Companys business or operations may be impacted by changes in personnel and Governments,or in monetar

194、y,taxation and other laws in Australia or overseas.The Companys permits and activities may be subject to extensive regulation by local,state and federal governments.There is no assurance that future government policy will not change,and this may adversely affect the long-term prospects of the Compan

195、y.Future changes in governments,regulations and policies may have an adverse impact on the Company.SIGNIFICANT CHANGES IN THE STATE OF AFFAIRSIn accordance with the announcement of 1 March 2021,the Consolidated Entity announced on 11 August 2021 that ConocoPhillips Australia SH1 Pty Ltd(“ConocoPhill

196、ips Australia”)as operator of the T/49P joint venture with TDOs wholly-owned subsidiary,3D Oil T49P Pty Ltd,will commence acquisition of the Sequoia MSS 3D seismic survey using the Shearwater vessel the Geo Coral.The survey is planned to cover an area of approximately 2,500 km with the seismic surve

197、y acquisition estimated to take approximately 60 days between the middle of August and the end of October 2021.ConocoPhillips Australia is the operator of the T/49P joint venture with an 80%interest in the T/49P Permit,the Company having the remaining 20%interest.Under the terms of the Farmout Agree

198、ment,ConocoPhillips Australia was to acquire a minimum of 1580 km2 of 3D seismic at no expense to the Company(TDO ASX Announcement 11 June 2020).The proposed increase in size of the acquisition area will provide coverage of all leads within the T/49P Permit and tie in with the previously acquired Fl

199、anagan 3D seismic survey.On 7 October 2021,the Consolidated Entity announced an update surrounding the delineation of additional prospectivity within the VIC/P74 exploration permit.This included an update to the Prospective Resources estimates for Leads and Prospects released to the market on 16 Feb

200、ruary 2021.On 29 October 2021,the Consolidated Entity announced the appointment of Mr Trevor Slater as a Non-Executive Director,with his appointment effective at the conclusion of the Companys Annual General Meeting on 15 November 2021.In addition,Ms Melanie Leydin stepped down as Joint Company Secr

201、etary,effective 29 October 2021,with Mr Stefan Ross continuing in the officeholder position as sole Company Secretary.23On 4 February 2022,the Consolidated Entity announced that the National Offshore Petroleum Titles Administrator(“NOPTA”)has awarded the Consolidated Entity the VIC/P79 exploration p

202、ermit in the offshore Otway Basin.The 2,576km2 permit is located adjacent to the largest gas fields in the offshore Otway Basin,Thylacine and Geographe,and contains the highly prospective Vanguard Prospect.The Permit was awarded with a minimum work commitment that includes one exploration well.The a

203、cquisition of VIC/P79 accelerates 3D Oils strategy to be a significant east coast gas producer and compliments our Otway Basin Joint Venture in T/49P with ConocoPhillips.On 8 June 2022,the Consolidated Entity announced an update surrounding the delineation of additional prospectivity within the VIC/

204、P79 exploration permit,Otway Basin,Victoria.This included an update to the prospective resource estimates for leads and prospectus released to the market on 4 February 2022.On 30 June 2022,the Company and ConocoPhillips Australia SH2 Pty Ltd(“ConocoPhillips Australia”)has executed a Farmout Agreemen

205、t(“FOA”)in relation to the offshore Victorian Exploration Permit VIC/P79(“Permit”),located in the Otway Basin.Under the terms of the FOA,ConocoPhillips Australia will acquire an 80%interest in the Permit and operatorship in exchange for an upfront payment of USD$3 million(AUD$4.35 million).ConocoPhi

206、llips Australia will also undertake to drill an exploration well as required by the Permits Primary Term minimum work commitment(currently required by February 2025).The Consolidated Entity will be carried for up to USD$35 million(AUD$50.75 million)in well costs,above which it will contribute 20%of

207、costs in line with its interest in the Permit.It should be noted that the FOA is subject to conditions precedent,including the agreement and signing of a Joint Operating Agreement by both parties and required government/regulatory approvals.At the date of this report,agreement is subject to conditio

208、ns precedent,including the agreement and signing of a Joint Operating Agreement by both parties and required government/regulatory approvals.There were no other significant changes in the state of affairs of the Consolidated Entity during the financial period.MATTERS SUBSEQUENT TO THE END OF THE FIN

209、ANCIAL YEAROn 2 September 2022,the Consolidated Entity announced that the South Australia Department of Energy and Mining has awarded the Company the GSEL 759 Gas Storage Exploration Licence in onshore Otway Basin.The licence covers an area of 1.02km2,centrally located around the plugged and abandon

210、ed Caroline-1 wellhead,over part of the now depleted Caroline Field,originally used for the production of carbon dioxide in the Otway Basin.The Field is potentially suitable for the storage of hydrogen,natural gas,or carbon dioxide.The acquisition of GSEL 759 represents an exciting development oppor

211、tunity for the Company in broadening 3D Oils strategy in the rapidly changing East Coast energy market.No other matter or circumstance has arisen since 30 June 2022 that has significantly affected,or may significantly affect the Consolidated Entitys operations,the results of those operations,or the

212、Consolidated Entitys state of affairs in future financial years.LIKELY DEVELOPMENTS AND EXPECTED RESULTS FROM OPERATIONSThe Consolidated Entity will continue to pursue its exploration interest in VIC/P74 in the offshore Gippsland Basin of Victoria;T49P in partnership with Conoco Phillips Australia S

213、H1 Pty Ltd;WA/527-P in the Roebuck Basin of Western Australia:VIC/P79 in partnership with Conoco Phillips Australia SH2 Pty Ltd:and GSEL759 in the Otway Basin of South Australia.ENVIRONMENTAL REGULATIONThe Consolidated Entity holds participating interests in a number of oil and gas areas.The various

214、 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 those terms of the licence.There have been no known breaches of the tenement conditions,and no such breaches have been notified by any government

215、agencies during the year ended 30 June 2022.INFORMATION ON DIRECTORSMr Noel NewellExecutive ChairmanQualificationsB App Sc(App Geol)Experience and expertiseNoel Newell holds a Bachelor of Applied Science and has over 30 years experience in the oil and gas industry,with 20 years of this time with BHP

216、 Billiton and Petrofina.With these companies Mr Newell has been technically involved in exploration of areas around the globe,particularly South East Asia and all major Australian offshore basins.Prior to leaving BHP Billiton in 2002,Mr Newell was Principal Geologist working within the Southern Marg

217、in Company and primarily responsible for exploration within the Gippsland Basin.Mr Newell has a number of technical publications and has co-authored Best Paper and runner up Best Paper at the Australian Petroleum Production&Exploration Association conference and Best Paper at the Western Australian

218、Basins Symposium.Mr Newell is the founder of 3D Oil.Immediately prior to starting 3D Oil,Mr Newell was a technical advisor to Nexus Energy Limited and was directly involved in their move to explore in the offshore of the Gippsland Basin.Other current directorshipsNoneFormer directorships(last 3 year

219、s)NoneSpecial responsibilitiesNoneInterests in shares44,381,998 ordinary fully paid shares.Interests in optionsNone24Mr Leo De MariaNon-Executive DirectorExperience and expertiseLeo De Maria is a Chartered Accountant with extensive experience in company management,financial management,mergers and ac

220、quisitions and risk management.Other current directorshipsNoneFormer directorships(last 3 years)NoneSpecial responsibilitiesChairman of the Audit and the Remuneration and Nomination CommitteesInterests in shares650,070 ordinary fully paid shares.Interests in optionsNoneInterests in rights112,903 per

221、formance rightsMr 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 exploration,development and production operations,decision analys

222、is,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 directorshipsADX Energy LtdFormer directorships(last 3 years)Xstate Resources Limited (resigned on 26 November 2019)Special

223、 responsibilitiesMember of the Audit Committee and the Remuneration and Nomination CommitteeInterests in shares428,500 ordinary fully paid sharesInterests in optionsNoneInterests in rights112,903 performance rightsTrevor Slater(appointed 15 November 2021)Non-Executive DirectorQualificationsB.Bus(Acc

224、),Fellow of CPA Australia,Fellow of the Governance Institute of Australia.Experience and expertiseTrevor has extensive experience in the development and operations of resource and construction projects within Australia and overseas performing as a director or senior executive in ASX listed or unlist

225、ed companies for over 30 years.Formerly,Trevor operated as an executive director for a gas production and storage project in Bass Strait;and as country director and manager for oil and gas exploration projects in Brunei.Trevor has also held senior roles in the development of oil and gas fields in th

226、e Timor Sea and consulted widely in South-East Asia.He has also been extensively involved in the development of significant resource projects including the Ballarat Gold Project where as CFO,he assisted the Company in its initial exploration programs and project development.Other current directorshi

227、psNoneFormer directorships(last 3 years)NoneInterests in shares264,753 ordinary fully paid sharesInterests in optionsNoneInterests in rightsNone COMPANY SECRETARYMr Stefan Ross BBus(Acc)Company SecretaryStefan Ross has over 10 years of experience in accounting and secretarial services for ASX listed

228、 companies.His extensive experience includes ASX compliance,corporate governance control and implementation,statutory financial reporting,shareholder meeting requirements,capital raising management,and board and secretarial support.Stefan has a Bachelor of Business majoring in Accounting.Melanie Ley

229、din BBus(Acc.Corp Law)CA FGIAJoint Company Secretary (resigned on 29 October 2021)Melanie Leydin holds a Bachelor of Business majoring in Accounting and Corporate Law.She is a member of the Institute of Chartered Accountants,Fellow of the Governance Institute of Australia and is a Registered Company

230、 Auditor.She graduated from Swinburne University in 1997,became a Chartered Accountant in 1999 and from February 2000 to October 2021 was the principal of Leydin Freyer.In November 2021 Vistra acquired Leydin Freyer and,Melanie is now Vistra Australias Managing Director.Vistra is a prominent provide

231、r of specialised consulting and administrative services to clients in the Fund,Corporate,Capital Markets,and Private Wealth sectors.Melanie has over 25 years experience in the accounting profession and over 15 years experience holding Board positions including Company Secretary of ASX listed entitie

232、s.She has extensive experience in relation to public company responsibilities,including ASX and ASIC compliance,control and implementation of corporate governance,statutory financial reporting,reorganisation of Companies,initial public offerings,secondary raisings and shareholder relations.Other cur

233、rent directorships quoted above are current directorships for listed entities only and excludes directorships in all other types of entities,unless 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

234、directorships in all other types of entities,unless otherwise stated.25MEETINGS OF DIRECTORSThe number of meetings of the Companys Board of Directors(the Board)held during the year ended 30 June 2022,and the number of meetings attended by each Director were:Meetings HeldMeetings AttendedMr N Newell5

235、5Mr L De Maria55Mr I Tchacos55Mr T Slater33Held:represents the number of meetings held during the time the Director held office.REMUNERATION REPORT(AUDITED)The remuneration report,which has been audited,outlines the director and executive remuneration arrangements for the Company,in accordance with

236、the requirements of the Corporations Act 2001 and its Regulations.Key management personnel are those persons having authority and responsibility for planning,directing and controlling the activities of the entity,directly or indirectly,including all Directors.The remuneration report is set out under

237、 the following main headings:Principles used to determine the nature and amount of remuneration Details of remuneration Service agreements Share-based compensation Additional information Additional disclosures relating to key management personnelPrinciples used to determine the nature and amount of

238、remunerationThe objective of the Consolidated Entitys executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered.The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders,

239、and conforms with the market best practice for delivery of reward.The Board of Directors(the Board)ensures that executive reward satisfies the following key criteria for good reward governance practices:competitiveness and reasonableness acceptability to shareholders alignment of executive compensat

240、ion transparencyThe Board is responsible for determining and reviewing remuneration arrangements for its directors and executives.The 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 r

241、etain high performance and high quality personnel.The Board has structured an executive remuneration framework that is market competitive and complementary to the reward strategy of the Consolidated Entity.The reward framework is designed to align executive reward to shareholders interests.The Board

242、 have considered that it should seek to enhance shareholders interests by:focusing on sustained growth in shareholder wealth,consisting 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 valu

243、e attracting and retaining high calibre executivesAdditionally,the reward framework should seek to enhance executives interests by:rewarding capability and experience reflecting competitive reward for contribution to growth in shareholder wealth providing a clear structure for earning rewardsIn acco

244、rdance with best practice corporate governance,the structure of non-executive Director and executive Director remuneration is separate.Non-executive Directors remunerationFees and payments to non-executive directors reflect the demands which are made on,and the responsibilities of,the directors.Non-

245、executive directors fees and payments are reviewed annually by the Board.ASX listing rules requires that the aggregate 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,w

246、here the shareholders approved an aggregate remuneration of$400,000.Executive remunerationThe Consolidated Entity aims 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 have three

247、components:base pay,annual leave,short term incentives and non-monetary benefits share-based payments;and other remuneration such as superannuation and long service leaveThe combination of these comprises the executives total remuneration.26Fixed remuneration,consisting of base salary,superannuation

248、 and non-monetary benefits,are reviewed annually by the Board,based on individual and business unit performance,the overall performance of the Company and comparable market remunerations.Executives can receive their fixed remuneration in the form of cash or other fringe benefits(for example motor ve

249、hicle 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 base salary(which is based on factors such as experience and comparable industry information)or consulting fee.The Board reviews the Executi

250、ve Chairmans remuneration package,and the Executive Chairman reviews the senior Executives remuneration packages annually by reference to the Consolidated Entitys performance,executive performance and comparable information within the industry.The chairman is not present at any discussions relating

251、to determination of his/her own remuneration.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.Bonuses and incentives are linked to prede

252、termined performance criteria.The Board may,however,exercise its discretion in relation to approving incentives,bonuses,and options or performance rights and can require changes to the Executives remuneration.This policy is designed to attract the highest calibre of Executives and reward them for pe

253、rformance that results in long-term growth in shareholder wealth.All remuneration paid to Directors and Executives is valued at its cost to the Consolidated Entity and expensed.Options and performance rights are valued using the Hoadley Trading&Investment Tools(“Hoadley”)ESO5 option valuation model.

254、The long-term incentives(LTI)includes long service leave and share-based payments.Shares,options or performance rights are awarded to executives on the discretion of the Board based on long-term incentive measures.Consolidated Entity performance and link to remunerationCommencing in the 2021 financi

255、al year,Directors and employees remuneration packages include performance-based components.Performance rights may be granted which offer the recipient the right,upon achieving predetermined milestones,to participate in the benefits accruing to shareholders through the alignment of the terms of the p

256、erformance rights to the shareholders interests.During the year ended 30 June 2021,the Company granted performance rights to Non-executive Directors(and employees)which are conditional upon the achievement of a target share price and tenure of employment.The intention of this program is to facilitat

257、e goal congruence between Directors,Executives and employees with that of the business and shareholders.Generally,the executives remuneration is tied to the Consolidated Entitys successful achievement of certain key milestones as they relate to its operating activities.There were no performance-base

258、d remuneration to the Executive Director during the year(2021:$50,000).Voting and comments made at the Companys 15 November 2021 Annual General Meeting(AGM)The Company received 98.32%of for votes in relation to its remuneration report for the year ended 30 June 2021.The Company did not receive any s

259、pecific feedback at the AGM regarding its remuneration practices.27DETAILS 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 the directors and other key managemen

260、t 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.The key management personnel of the Consolidated Entity consisted of the following Directors of 3D Oil

261、Limited:Mr Noel Newell Mr Ian Tchacos Mr Leo De Maria Mr Trevor Slater (appointed on 15 November 2021)Short-term benefitsShort term incentivesPost-employment benefitsLong-term benefitsEquity settled share based paymentsSalaries and feesBonusSuper-annuationLong service leavePerformance rightsTotal202

262、2$Non-Executive Directors:Mr I Tchacos 43,004-4,296-2,59049,890Mr L De Maria40,956-4,091-2,59047,637Mr T Slater*25,568-2,557-28,125Executive Directors:Mr N Newell346,439-23,1008,893-378,432455,967-34,0448,8935,180504,084 2021$Non-Executive Directors:Mr I Tchacos 43,151-4,099-1,59748,847Mr L De Maria

263、41,096-3,904-1,59746,597Executive Directors:Mr N Newell350,79450,00021,6946,752-429,240435,04150,00029,6976,7523,194524,684 The proportion of remuneration linked to performance and the fixed proportion are as follows:Fixed remunerationAt-risk short-term remunerationAt-risk long term remunerationName

264、202220212022202120222021Non-Executive Directors:Mr I Tchacos94%97%-6%3%Mr L De Maria95%97%-5%3%Mr T Slater100%-Executive Directors:Mr N Newell100%89%-11%-28SERVICE AGREEMENTSRemuneration and other terms of employment for key management personnel are formalised in service agreements.Details of these

265、agreements 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.(

266、iii)The Company 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

267、will be entitled to be paid those outstanding amount owing to him up until the Termination date.Key management personnel have no entitlement to termination payments in the event of removal for misconduct.Share-based compensationIssue of sharesThere were no ordinary shares issued to directors and key

268、 management personnel as part of compensation during the year ended 30 June 2022(2021:Nil).OptionsThere were no options over ordinary shares granted to or vested by Directors and other key management personnel as part of compensation during the year ended 30 June 2022(2021:Nil).Performance rightsThe

269、re were 225,806 performance rights over ordinary shares issued to Directors as part of compensation that were outstanding as at 30 June 2022 (2021:225,806).Grant dateVesting date and exercisable dateExpiry dateShare price hurdle for vestingFair value per right at grant date17 November 202017 Novembe

270、r 202217 November 2023$0.090$0.046 NameNumber of rights grantedGrant dateVesting date and exercisable dateExpiry dateShare price hurdle for vestingFair value per right at grant dateMr Ian Tchacos112,90317 November 202017 November 202217 November 2023$0.090$0.046 Mr Leo De Maria112,90317 November 202

271、017 November 202217 November 2023$0.090$0.046 Performance rights granted carry no dividend or voting rights.No performance rights vested and were exercised during the year.29Additional informationThe earnings of the Consolidated Entity for the five years to 30 June 2022 are summarised below:20222021

272、202020192018$Other income including interest income46787,47885,27943,62927,696Net loss before tax(1,147,179)(1,142,095)(3,006,065)(1,089,254)(1,154,810)Net loss after tax(1,147,179)(1,142,095)(3,006,065)(1,089,254)(1,154,810)The factors that are considered to affect total shareholders return(TSR)are

273、 summarised below:20222021202020192018Share price at financial year start($)0.050.070.110.050.04Share price at financial year end($)0.050.050.070.110.05Basic loss per share(cents per share)(0.43)(0.43)(1.13)(0.42)(0.49)Additional disclosures relating to key management personnelShareholdingThe number

274、 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 set out below:Balance at the start of the yearReceived as part of remuneration AdditionsDisposals/otherBalance at the

275、end of the yearOrdinary sharesMr N Newell 44,192,229-189,769-44,381,998Mr L De Maria650,070-650,070Mr I Tchacos 428,500-428,500Mr T Slater*-164,753100,000264,75345,270,799-354,522100,00045,725,321 *Mr Trevor Slater was appointed as a Non-Executive Director on 15 November 2021.The balance disclosed i

276、n the“Disposals/other”column represents his shareholding at the date of appointment.Performance rights holdingThe number of performance rights over ordinary shares in the Company held during the financial year by each Director of the Consolidated Entity,including their related parties,is set out bel

277、ow:Balance at the start of the yearGrantedVestedExpired/forfeited/otherBalance at the end of the yearPerformance rights over ordinary sharesMr L De Maria112,903-112,903Mr I Tchacos112,903-112,903225,806-225,806This concludes the remuneration report,which has been audited.30Shares under optionThere w

278、ere no unissued ordinary shares of 3D Oil Limited under option outstanding at the date of this report.Shares under performance rightsUnissued ordinary shares of 3D Oil Limited under performance rights at the date of this report are as follows:Grant dateExpiry dateExercise priceNumber under rights17

279、November 202017 November 2023$0.000225,80628 January 202128 January 2024$0.00080,64529 January 202129 January 2024$0.00080,6451 February 20211 February 2024$0.00056,451443,547No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate

280、in any share issue of the Company or of any other body corporate.Shares issued on the exercise of optionsThere were no ordinary shares of 3D Oil Limited issued on the exercise of options during the year ended 30 June 2022 and up to the date of this report.Shares issued on the exercise of performance

281、 rightsThere were no ordinary shares of 3D Oil Limited issued on the exercise of performance rights during the year ended 30 June 2022.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

282、they may be held personally liable,except where 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 prohib

283、its disclosure of the nature of liability and the 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.D

284、uring the financial year,the Company has not paid 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 beha

285、lf of the Company,or to intervene in any proceedings 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

286、 the Company who are former partners of Grant Thornton 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 200

287、1 is set out immediately after this Directors report.This report is made in accordance with a resolution of Directors,pursuant to section 306(3)(a)of the Corporations Act 2001.AuditorGrant Thornton Audit Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.Rounding

288、 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 report have been rounded to the nearest dollar.Forward looking statementsThis Fi

289、nancial Report includes certain forward-looking statements that have been based on current expectations about future acts,events and circumstances.These forward-looking statements are,however,subject to risks,uncertainties and assumptions that could cause those acts,events and circumstances to diffe

290、r materially from the expectations described in such forward-looking statements.These factors include,among other things,commercial and other risks associated with the meeting of objectives and other investment considerations,as well as other matters not yet known to the Company or not currently con

291、sidered material by the Company.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 Directors Noel Newell Executive Chairman30 September 2022 Melbourne 31 Grant Thornton Audit Pty Ltd Level 22 Tower 5 Collins Squ

292、are 727 Collins Street Melbourne VIC 3008 GPO Box 4736 Melbourne VIC 3001 T+61 3 8320 2222 w .au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389.Grant Thornton refers to the brand under

293、 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 Limited is a member firm of Grant Thornton International Ltd(GTIL).GTIL and the member firms are not a worldw

294、ide 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 Australia

295、n context only,the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities.Liability limited by a scheme approved under Professional Standards Legislation.Auditors Independence Declaration To

296、 the Directors of 3D Oil Limited In accordance with the requirements of section 307C of the Corporations Act 2001,as lead auditor for the audit of 3D Oil Limited for the year ended 30 June 2022,I declare that,to the best of my knowledge and belief,there have been:a no contraventions of the auditor i

297、ndependence requirements of the Corporations Act 2001 in relation to the audit;and b no contraventions of any applicable code of professional conduct in relation to the audit.Grant Thornton Audit Pty Ltd Chartered Accountants D G Ng Partner Audit&Assurance Melbourne,30 September 2022 32FINANCIAL REP

298、ORTS33CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 30 June 2022ConsolidatedNote20222021$Other income5-82,908 Interest income467 4,570 ExpensesCorporate expenses(473,583)(451,925)Employment expenses6(505,620)(563,528)Occupancy expenses(14,449)(43,954)Depre

299、ciation and amortisation expense6(121,275)(118,136)Exploration costs14(15,994)(33,088)Share based payments(11,886)(9,072)Finance costs6(4,839)(9,870)Loss before income tax expense(1,147,179)(1,142,095)Income tax expense7-Loss after income tax expense for the year attributable to the owners of 3D Oil

300、 Limited(1,147,179)(1,142,095)Other comprehensive income for the year,net of tax-Total comprehensive income for the year attributable to the owners of 3D Oil Limited(1,147,179)(1,142,095)CentsCentsBasic earnings per share32(0.43)(0.43)Diluted earnings per share32(0.43)(0.43)The above consolidated st

301、atement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes34CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at 30 June 2022ConsolidatedNote20222021$AssetsCurrent assetsCash and cash equivalents81,243,195 3,048,802 Other receivables929,992 31,752

302、 Short term investments1093,577 93,577 Prepayments-41,924 Total current assets1,366,764 3,216,055 Non-current assetsProperty,plant and equipment1117,542 16,525 Right-of-use assets12257,109 79,156 Intangibles1347,212 76,641 Exploration and evaluation146,207,257 5,374,599 Total non-current assets6,529

303、,120 5,546,921 Total assets7,895,884 8,762,976 LiabilitiesCurrent liabilitiesTrade and other payables15925,255 820,345 Lease liabilities2075,488 96,614 Employee benefits16228,444 231,912 Total current liabilities1,229,187 1,148,871 Non-current liabilitiesLease liabilities20190,555-Employee benefits1

304、71,916 4,585 Total non-current liabilities192,471 4,585 Total liabilities1,421,658 1,153,456 Net assets6,474,226 7,609,520 EquityIssued capital1855,483,678 55,483,678 Reserves17,559 9,072 Accumulated losses(49,027,011)(47,883,230)Total equity6,474,226 7,609,520 The above consolidated statement of fi

305、nancial position should be read in conjunction with the accompanying notes35CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the year ended 30 June 2022Issued capitalAccumulated losses ReservesTotal equityConsolidated$Balance at 1 July 202055,483,678(46,741,135)-8,742,543Loss after income tax expense

306、for the year-(1,142,095)-(1,142,095)Other comprehensive income for the year,net of tax-Total comprehensive income for the year-(1,142,095)-(1,142,095)Transactions with owners in their capacity as owners:Share-based payments-9,0729,072Balance at 30 June 202155,483,678(47,883,230)9,0727,609,520Issued

307、capitalAccumulated lossesReservesTotal equityConsolidated$Balance at 1 July 202155,483,678(47,883,230)9,0727,609,520Loss after income tax expense for the year-(1,147,179)-(1,147,179)Other comprehensive income for the year,net of tax-Total comprehensive income for the year-(1,147,179)-(1,147,179)Tran

308、sactions with owners in their capacity as owners:Lapse of performance rights-3,398(3,398)-Share-based payments-11,88511,885Balance at 30 June 202255,483,678(49,027,011)17,5596,474,226The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes36CONS

309、OLIDATED STATEMENT OF CASH FLOWSFor the year ended 30 June 2022ConsolidatedNote20222021$Cash flows from operating activitiesPayments to suppliers and employees(inclusive of GST)(993,446)(1,132,676)Interest received811 4,963 Interest on lease liabilities paid(4,839)(9,870)(997,474)(1,137,583)COVID-19

310、 incentives-88,908 Net cash used in operating activities31(997,474)(1,048,675)Cash flows from investing activitiesPayments for computer equipment11(6,362)(6,862)Payments for intangibles13-(30,001)Payments for exploration and evaluation(715,100)(851,721)Net cash used in investing activities(721,462)(

311、888,584)Cash flows from financing activitiesPayment of principal element of lease liabilities(86,671)(91,130)Net cash used in financing activities(86,671)(91,130)Net decrease in cash and cash equivalents(1,805,607)(2,028,389)Cash and cash equivalents at the beginning of the financial year3,048,802 5

312、,077,191 Cash and cash equivalents at the end of the financial year81,243,195 3,048,802 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes37NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS30 June 2022NOTE 1.GENERAL INFORMATIONThe financial statemen

313、ts cover 3D Oil Limited as a consolidated 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 c

314、ompany limited by shares,incorporated 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 rep

315、ort,which is not part of the financial statements.The financial statements were authorised for issue,in accordance with a resolution of Directors,on 30 September 2022.The Directors have the power to amend and reissue the financial statements.NOTE 2.SIGNIFICANT ACCOUNTING POLICIESThe principal accoun

316、ting policies adopted in the preparation 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 En

317、tity has adopted all of the new or amended 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 a

318、dopted.GOING CONCERNThe financial report 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 2022 of the Conso

319、lidated Entity results in an excess of current assets over current liabilities of$137,577.The Consolidated Entity made a loss after tax of$1,147,179,incurred operating cash outflows of$997,474 and invested$715,100 in exploration and evaluation during the year.The cash balances,including term deposit

320、s,as at 30 June 2022 was$1,336,772.In addition,on 30 June 2022,the Company and ConocoPhillips Australia executed a Farm Out Agreement(“FOA”)in relation to the offshore Victorian Exploration Permit VIC/P79,located in the Otway Basin.Under the terms of the FOA,ConocoPhillips Australia will acquire an

321、80%interest in the Permit and operatorship in exchange for an upfront payment of USD$3 million(AUD$4.35 million).ConocoPhillips Australia will also undertake to drill an exploration well as required by the Permits Primary Term minimum work commitment(currently required by February 2025).The Company

322、will be carried for up to USD$35 million(AUD$50.75 million)in well costs,above which it will contribute 20%of costs in line with its interest in the Permit.It should be noted that at the date of this report,the FOA is subject to conditions precedent,including the agreement and signing of a Joint Ope

323、rating Agreement by both parties and required government/regulatory approvals.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

324、additional sources of capital to meet the commitments as and when required.To meet the Consolidated Entitys funding requirements as and when they fall due the Consolidated Entity will need to take appropriate steps,including a combination of:Raising capital by one of or a combination of the followin

325、g:placement of shares,rights issue,share purchase plan,etc;Meeting its obligations by either farm-out or partial sale of the Consolidated Entitys exploration interests;Subject to negotiation and approval,minimum work requirements may be varied or suspended,and/or permits may be surrendered or cancel

326、led;or Other avenues that may be available to the Consolidated Entity.The Consolidated Entitys market capitalisation at 30 June 2022 is in excess of its net assets position of$6,474,226.As the Consolidated Entity is still in the exploration phase of activities,subject to necessary regulatory approva

327、ls,it has the ability to control the level of its operations and hence the level of its expenditure over the next 12 months.Should there be any delay in the funds from the VIC/P79 farmout,management are confident that they can reduce their level of expenditure in order to retain appropriate cash bal

328、ances.Management remains very diligent in their ongoing monitoring of cash balances day by day.Having assessed the potential uncertainties relating to the Consolidated Entitys ability to effectively fund exploration activities and operating expenditures,the Directors believe that the Consolidated En

329、tity will continue to operate as a going concern for the foreseeable future.The Directors are therefore confident that the going concern basis of preparation is appropriate as at the date of this report.ROUNDING OF AMOUNTS3D Oil Limited is a type of Company that is referred to in ASIC Corporations(R

330、ounding in Financial/Directors Reports)Instrument 2016/191 and therefore the amounts contained in this report and in the financial report have been rounded to the nearest dollar.BASIS OF PREPARATIONThese general purpose financial statements have been prepared in accordance with Australian Accounting

331、 Standards and Interpretations issued by the Australian Accounting Standards Board(AASB)and the Corporations Act 2001,as appropriate for for-profit oriented entities.These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Stan

332、dards Board(IASB).Historical cost conventionThe financial statements have been prepared under the historical cost convention,except for,where applicable,the revaluation of financial assets and liabilities at fair value through profit or loss,financial assets at fair value through other comprehensive

333、 income,investment properties,certain classes of property,plant and equipment and derivative financial instruments.38Critical accounting 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 high