3D Oil Ltd (3D Oil) continues to progress its plans for the development of West Seahorse, in addition to maximizing the value from its other exploration assets within VIC/P57 and T-41P. 3D Oil continues to seek alliances with suitable joint venture partners in order to bring the West Seahorse project to production. 3D Oil believes that such an alliance would assist in crystallizing the value inherent in West Seahorse. Discussions in this regard are ongoing.
3D Oil continues to progress its discussions with financiers to assist with the development of West Seahorse. Feedback to date have been encouraging, notwithstanding the prevailing challenging economic environment.
In terms of 3D Oil’s exploration activities, progress has recently been made within the Vic/P57 permit with identification of new leads, Lucifer and Kangafish; and at least nine significant leads have been delineated by the new seismic data held for the T41-P permit.
3D Oil continues to thoroughly assess and develop its lead and prospect portfolio. 3D Oil currently has at least two drillable quality prospects in Vic/P57 while T41-P has an array of leads some with associated seismic anomalies not dissimilar to those displayed at the nearby Yolla gas/condensate field. 3D Oil is actively seeking suitable partners in both permits for a leveraged position to share the risk of ongoing exploration efforts.