3D Energi Ltd said Tuesday new institutional investors and existing shareholders have committed to participating in a share issuance to raise AUD 14.5 million ($9.61 million) for its drilling campaign offshore Victoria.
The Eastern Australia-focused exploration company plans to issue nearly 104 million shares at AUD 0.14 per share, it said in a stock filing.
“The placement price of [AU]$0.14 per share represents a 17.6 percent discount to the last trading price of [AU]$0.17 on 11 December 2025 and a 18.5 percent discount to the 15-trading-day volume weighted average price of [AU]$0.1719”, 3D Energi said.
“Placement shares will be listed on the ASX [Australian Securities Exchange] and rank pari-passu with the existing fully paid ordinary shares”.
It expects to settle the placement December 23, while placement options are subject to shareholder approval at a general meeting that 3D Energy expects to hold late January 2026.
3D Energi said it would issue one free attaching option for every one new share issued under the placement. “The placement options are exercisable at [AU]$0.21 each, with an expiry date of two years from the date of issue”, 3D Energi said.
“It is intended that the placement options will be listed, and an application will be made to the ASX for quotation of the options, subject to shareholder approval and meeting the ASX requirements for quotation of the options”.
“The placement was strongly supported by a number of new domestic and international institutional investors, as well as existing shareholders”, 3D Energi said.
“Proceeds from the placement will be applied towards testing at the Essington-1 well, drilling the Charlemont-1 gas exploration well within the VIC/P79 exploration permit, the second well of the 2025 Otway Exploration Drilling Program, and for general working capital purposes, including costs of the placement”, it said.
On Wednesday 3D Energi said the Charlemont-1 well in the Otway Basin offshore Victoria had been spudded. Drilling is targeting the Intra Gellibrand Formation.
“The well is expected to take approximately 32.9 days to drill to total depth of approximately 2,830 meters [9,284.78 feet] TVDSS, subject to operational conditions”, it said.
3D Energi owns 20 percent in the permit, operated by ConocoPhillips with a 51 percent stake. Korea National Oil Co owns 29 percent.
Last month 3D Energi confirmed a natural gas discovery through the Essington-1 well in the same permit.
The primary Waarre A and secondary Waarre C reservoirs confirmed the presence of hydrocarbons.
Results from two tests showed that the “productive portions of the reservoir comprise laterally connected and transmissive sandstone units with effective flow characteristics, albeit with performance varying according to sand quality and clay content”, 3D Energi said.
“Downhole fluid analysis across the Waarre A test zones, together with gas monitoring at surface during the tests, has confirmed the presence of gas and predicted condensate presence with a preliminary Condensate Gas Ratio of ~30-33 stb/MMscf in all tested zones (further laboratory analysis will provide confirmation)”, 3D Energi said.
“CO2 concentrations from the Ora downhole compositional fluid analyzer are consistent with those from preliminary rig-based MDT samples, having measured CO2 concentrations of 3-4 percent. Further analysis is required to confirm these initial results”.
To contact the author, email jov.onsat@rigzone.com
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