Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

3D Oil Substantial Shareholder Raises Stake To 11.24%

Gippsland Basin focused 3D Oil (ASX: TDO) substantial shareholder SFG Australia (ASX: SFW) has acquired a further 2.66 million shares raising its stake in the company to 11.24%.

The shares were purchased between 3 April and 31 July for a consideration of A$207,430.42, providing an average entry price of around A$0.078.

3D Oil is currently at an advanced stage of negotiations to facilitate a potential transaction for its VIC/P57 permit offshore Victoria that holds the West Seahorse oil field.

The field is expected to be an economic development capable of producing oil at an initial rate of over 7000 barrels per day even at its conservative 1C contingent resource estimate of 4.2 million barrels of oil.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.