3D Energi (TDO) Q2 2025 TU earnings summary

Executive summary

• Advanced planning for the Otway Exploration Drilling Program, with drilling locations and contracts for vessels and services being finalized for 2025 operations.

• Environmental Plan for Otway progressing through regulatory approvals, with drilling to commence after acceptance.

• Surrender of VIC/P74 exploration permit in Gippsland Basin to focus resources on higher-value projects.

• Joint Venture with ConocoPhillips Australia (COPA) for Otway Basin, with a US$65M carry for two exploration wells in Phase 1.

• Ongoing evaluation and seismic studies in VIC/P79 and T/49P to refine prospective resource estimates and prioritize drilling targets.

Financial highlights

• Cash and cash equivalents at 31 December 2024 were A$1,875,000.

• Net operating cash outflows for the quarter were A$191,000; net investing cash outflows were A$262,000.

• Payments to related parties during the quarter totaled A$148,000, covering salaries, superannuation, and director fees.

• Estimated quarters of funding available: 4.14, based on current cash and outgoings.

Outlook and guidance

• Transocean Equinox drilling rig expected to arrive in Otway in Q1 2025, with drilling of two exploration wells planned.

• Phase 2 of Otway drilling contingent on Phase 1 results, with additional 120 days of optional drilling.

• Ongoing efforts to secure a farm-in partner for Bedout Sub-basin exploration, leveraging improved investment conditions.