Proactiveinvestors recommends

Breakaway Resources gains exploration upside surrounding 7.5m silver ounce Altia project
IMX Resources: full ownership of the Nachingwea Nickel Project clears path to production
Greenland Minerals and Energy receives broker valuation of more than five times current share price

Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	TDO
Latest Price:	0.09 (0.00%)
52-week High:	0.20
52-week Low:	0.07
Market Cap:	18.80M

1 year chart

1 day chart

3D Oil Full 3D Oil profile here

3D Oil (ASX: TDO) is an oil and gas explorer and developer focused on SE Australia. It currently has a contingent resource (2C) of 9.2 MMbbl in the prolific offshore Gippsland Basin together with a number of neighbouring low risk prospects.

3D Oil Increases 1P Reserves by 32%

Thursday, March 12, 2009

3D Oil (ASX:TDO) has announced a major upgrade to its oil reserves and contingent resources.

Since completing drilling at its 100% owned West Seahorse field in the Gippsland Basin last year, 3D Oil has undertaken a comprehensive evaluation of the field’s sub surface to provide a further rigorous reserves assessment. The revised evaluation provides an update and an increase to the reserves provided in August 2008 and flows from a continuous process which has occurred since that time.

Reserves and Contingent Resources, West Seahorse Field in Vic/P57 (million barrels of recoverable oil):

- Reserves 1P: N1 and N2.6
- 1P Proved: 4.1m (+32%)
- 2P Proved & Probable: 5.3m (+14%)
- 3P Proved & Probable & Possible: 6.8m
- 2P + Contingent: 8.7m

Commenting on the upgrade, 3D Oil’s managing director, Noel Newell said, “It is very pleasing to announce a material upgrade to our reserves and contingent resources. A combined 2P reserves and best estimate contingent resource (P50) of 8.7 million barrels of recoverable oil is now interpreted to exist at West Seahorse. A particularly positive aspect of today’s reserves upgrade is the 32% increase in 1P reserves and a 14% increase in 2P reserves."

"The substantial upgrade highlights the inherent value in West Seahorse and bodes well for 3D Oil. 3D Oil is actively reviewing options to develop West Seahorse, including seeking an appropriate joint venture partner”.

The sub surface evaluation was undertaken using independent expert consultants and utilising the new drilling data. This information has been incorporated with the existing 3D seismic data to generate a new volumetric evaluation of the hydrocarbons in West Seahorse. The work carried out included detailed reservoir analysis; detailed mapping of all hydrocarbon bearing horizons; high density depth conversion; reservoir fluid analysis; reservoir simulation and production forecasting and reserve assessment.

West Seahorse contains three separate oil zones: the N1 (Top Latrobe), the N2.6 and the P1 (both intra Latrobe) formations. Reservoir analysis has confirmed the excellent quality of the reservoir units. All consist of thick, stacked fluvial channel sandstones and are expected to provide the high flow rates, supplemented by strong water drive, typical of the Gippsland Basin Latrobe Group reservoirs.

Both the N1 and N2.6 zones currently produce commercial volumes of oil in the neighbouring Seahorse field, operated by the joint venture of Esso Australia Resources and BHP Billiton Gippsland Basin.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.