3D Energi Suspends Trading of Shares On ASX After Total Well Costs At Discovery Wells Offshore Victoria Came in Higher than Expected

MT Newswires Live01-27 11:07

3D Energi (ASX:TDO) said it implemented a suspension of the trading of its shares on the Australian Securities Exchange (ASX) while it addresses its funding position after the total well costs at the two gas discovery wells in the VIC/P79 exploration permit offshore Victoria, Essington-1 and Charlemont-1, were materially higher than the original pre-drill cost estimates, according to a Tuesday Australian bourse filing.

A default notice was issued by the joint venture operator to 3D Energi with a remedy period to Feb. 6. A balance of around $2.5 million remains outstanding of the costs, which the firm said it does not currently have.

For Charlemont-1, the increase in costs arose from a combination of weather-related delays during mobilization and the encounter of overpressured gas while drilling. For the Essington-1 well, the cost variance primarily reflects the decision to undertake a wireline logging and Ora formation testing program.

3D Energi holds a 20% participating interest in the VIC/P79 exploration permit, in joint venture with operator ConocoPhillips Australia, which holds a 51% interest, and Korea National Oil, which holds a 29% interest.

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