3D Energi (TDO) H2 2024 earnings summary

Executive summary

• Transitioning from explorer to potential producer, with a focus on the Otway Basin and a transformational drilling campaign in 2025 in partnership with ConocoPhillips Australia.

• Secured a US$65M well carry for two exploration wells and executed a Right of First Refusal for future gas sales.

• Significant technical milestones achieved, including seismic reprocessing and resource upgrades.

Financial highlights

• Net loss after tax of $2,174,797 for FY24, compared to a profit of $3,414,258 in FY23.

• Net assets increased to $10,869,983 as of 30 June 2024, up from $9,905,237.

• Cash and cash equivalents at year-end were $3,157,805, with net operating cash outflows of $1,393,604.

• $1,667,682 invested in exploration assets, mainly VIC/P79, T/49P, and WA-527-P.

Outlook and guidance

• Drilling of up to six wells in the Otway Basin planned for 2025, with the first two wells fully carried.

• Continued focus on Otway and Northwest Shelf exploration, gas storage, and potential commercialisation.

• Ongoing technical studies and regulatory approvals to support future drilling and development.