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3D Oil Substantial Shareholder Increases Stake To 9.96%

Gippsland Basin focused 3D Oil (ASX: TDO) substantial shareholder SFG Australia has acquired a further 2.5 million shares raising its stake in the company to 9.96%.

The shares were purchased between 25 November and 5 April for a consideration of A$230,599, providing an average entry price of around $0.09.

Late last year, 3D Oil identified prospectivity in the deeper levels of its VIC/P57 permit.

Reprocessing of more than 500 square kilometres of 3D seismic data has shown the potential for additional prospectivity at depth, particularly in the two most mature prospects, Felix and Sea Lion.

Further to the east, the deeper section, principally the Golden Beach and Emperor Subgroups, has proved to have high potential, particularly for gas.

Nearby discoveries within these strata include the Longtom and Grayling gas fields and the SE Longtom-1 and SE Remora-1 wells, as well as the Judith and Kipper gas fields further east.

The Felix prospect is located within an established oil production fairway, with potential to contain more than 100 million barrels.

3D Oil is currently in discussions with Canadian oil and gas company Oracle Energy Corporation (TSXV:OEC) regarding a potential farm-in to VIC/P57.

Earlier this year the company also said it planned to restart farm-in talks with other interested parties.