3D Energi Faces Second Default Notice and Ongoing Share Suspension

3D Oil Limited ( (AU:TDO) ) just unveiled an announcement.

3D Energi Limited has received a second default notice from the operator of the Otway Phase 1 Drilling Program, where it holds a 20% stake in the VIC/P79 exploration permit. The company failed to pay approximately US$7.7 million in cash calls due on 6 February, including US$4.8 million tied to additional drilling expenditure.

Under the joint operating agreement, partners ConocoPhillips SH2 Pty Ltd and Korea National Oil Corporation may now exercise remedies such as dilution or buy-out of 3D Energi’s interest if the first default notice is deemed valid. The extent of 3D Energi’s ongoing participation in the permit remains unresolved, and its shares are expected to remain suspended from trading while these default implications are worked through.

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. The company holds participating interests in exploration permits such as VIC/P79 in the Otway Basin, targeting upstream opportunities in partnership with larger industry players.

Average Trading Volume: 3,517,702

Technical Sentiment Signal: Sell

Current Market Cap: A$41.94M

For detailed information about TDO stock, go to TipRanks’ Stock Analysis page.