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The latest update is out from 3D Oil Limited ( (AU:TDO) ).
3D Energi Limited has disclosed that it remains in default on cash calls related to the Otway Phase 1 Drilling Program in the VIC/P79 exploration permit, with an outstanding balance of about US$2.5 million and an additional US$5.3 million due that was not paid by the 6 February deadline. The unresolved payment default has triggered industry-standard processes under the joint operating agreement that could dilute or otherwise alter its 20% participating interest, while trading in the company’s shares remains suspended on the ASX as it seeks to address its funding position and obtain shareholder approval to refresh its placement capacity.
The company’s ongoing financial shortfall and the potential consequences for its stake in the Otway project introduce material uncertainty for shareholders and partners, as any dilution or buy-out would directly affect its exposure to future exploration upside in the permit. With the implications of the default still undetermined and the suspension of trading likely to continue, investors face extended opacity over 3D Energi’s asset base and capital structure until further updates are provided under its continuous disclosure obligations.
The most recent analyst rating on (AU:TDO) stock is a Sell with a A$0.08 price target. To see the full list of analyst forecasts on 3D Oil Limited stock, see the AU:TDO Stock Forecast page.
More about 3D Oil Limited
3D Energi Limited is a Melbourne-based oil and gas exploration company focused on high-impact offshore projects in Victoria and Western Australia. Listed on the ASX under the code TDO, the company participates in joint venture exploration programs, including the Otway Phase 1 Drilling Program in the VIC/P79 permit, where it holds a 20% participating interest.
Average Trading Volume: 3,464,889
Technical Sentiment Signal: Sell
Current Market Cap: A$41.94M
Find detailed analytics on TDO stock on TipRanks’ Stock Analysis page.