Annual Report 2025
3D Energi Limited | ABN 40 105 597 279
We are lifting
our vision into reality
— transforming each
milestone into progress,
and progress into
enduring value.
Transforming
FY24
We are on a
transformational
pathway, emerging from an
explorer to potential producer
and an important player in the
Australian energy sector.
Delivering
FY25
We are strategically
positioned adjacent to
the under supplied east
coast gas market, with the
aim to produce much
needed gas into the market.
On the move
FY23
Established a pathway
towards a commercial gas
discovery with Joint Venturer
ConocoPhillips Australia,
in what has been one of our
most exciting years yet.
3D Energi Limited | Annual Report 2025
3
Contents
3D Energi vision
5
Executive Chairman’s letter to shareholders
6
Review of FY25 operations
8
East Coast offshore exploration
13
Otway exploration drilling program (OEDP)
17
Exploration
19
West Coast offshore exploration
23
East Coast gas storage
27
Environmental and social responsibility
30
Oversight and accountability
31
Directors’ report
33
Auditor’s independence declaration
46
Financial reports
47
Consolidated statement of profit or loss
48
and other comprehensive income
Consolidated statement of financial position
49
Consolidated statement of changes in equity
50
Consolidated statement of cash flows
51
Notes to the consolidated financial statements
52
Directors’ declaration
73
Independent auditor’s report to the members
74
of 3D Energi Limited
Shareholder information
78
Corporate directory
82
Glossary
83
4
We shifted
decisively from planning
to execution in FY25.
The Otway Exploration
Drilling Program is
ready to deliver.
3D Energi Limited | Annual Report 2025
5
Our Purpose
To provide energy solutions to our local communities through collaboration and consultation
resulting in reliable, affordable and sustainable energy.
Our Values
Integrity
We act ethically and honestly; staying true to our values; and accountable for our actions.
Awareness
We take account of all identified key issues in our decisions; and considering future impacts.
Professionalism
We strive to achieve the highest standards in excellence in all facets of our activities.
Teamwork and Collaboration
We foster teamwork both within the Company and externally; listening to external stakeholders;
and building long term relationships.
Safety
We are committed to providing and maintaining a safe and non-discriminatory working
environment to safeguard the health and safety of our employees, consultants, and others.
Creativity
As an organisation we continually encourage a culture where innovation can be explored.
We are agile: do what we say we are going to do; and bring focus to every project.
Responsibility
We respect each other, our communities, and the environment.
3D Energi vision
Our aim is to enable the development of Australia’s gas and oil
opportunities in support of Australia’s current and future energy needs.
We seek to leverage our strong technical expertise and local knowledge
to enhance value of energy projects for the benefit of our shareholders
and the communities in which we operate •
6
As a graduate geologist working for BHP in the
eighties, I was very fortunate to be working on
the Jabiru-1A discovery well in the Timor Sea.
I can still remember the moment when we
first intersected oil shows at about 2 am and
I was extremely nervous about phoning my
boss in Melbourne at this time to discuss what
I should do next.
This year marks a pivotal turning point — where vision meets execution.
We are delivering on the strategy we set in motion: advancing exploration
with precision, laying the foundations for operational success, and
strengthening the core values that guide who we are and how we work •
EXECUTIVE CHAIRMAN'S LETTER TO SHAREHOLDERS
A year of delivery
Of course, I know now this is the phone call we all want – in our
industry it doesn’t get any better. The next few days were a
blur as I barely slept - working day and night. I was also lucky
enough to fly back from Darwin in a private jet to brief the BHP
Petroleum Exploration Manager on the results – this was pre
internet days with just one satellite phone on the rig. As an
aside, the Jabiru Field turned out to be a roller coaster ride for
BHP, but it ultimately produced over 200 million barrels of oil.
BHP initially thought it contained over a billion barrels.
3D Energi Limited | Annual Report 2025
7
So as 3D Energi’s drilling program rapidly approaches in the
Otway Basin, I am hoping to get the same call – well at least
metaphorically. Of course, we have a myriad of technology
options in the modern world and can literally watch the well
progress in the comfort of our home – which is both a blessing
and a curse as it becomes addictive.
But how can you possibly not be glued to your computer
when you are about to be involved in the most exciting drilling
program of offshore Australia for many years.
The Transocean Equinox has arrived, all approvals are in place,
drilling locations selected, contracts and site surveys complete –
so now we just wait to receive the rig from Beach Energy once
they have completed their programme.
Our first well, Essington-1, is a cracker – it is a reasonable
size, adjacent to the lookalike Geographe Field (2nd largest
field in the Otway), close to infrastructure and has two
Direct Hydrocarbon Indicators (DHIs). Further it is drilling in
an area which has had close to a 100% success rate for the
last two decades when targeting valid DHIs. This alone is
enough to be excited but our second well, Charlemont-1,
is targeting another DHI-supported prospect. This prospect
has the potential to derisk a trend of prospects containing
potentially over 700 BCF.
To put this in context, the Otway Exploration Drilling Program
could uncover approximately 6 years of the Victorian gas
supply – that is not insignificant.
Further, our recent resource assessment identified
approximately 9 TCF of gas prospects in the 8000+ square
kilometers of acreage in the offshore Otway Basin. This is
a world class portfolio which provides short-, medium-
and long-term exploration potential and the possibility
of the joint venture being the most important gas supplier
to Victoria over many years.
I know many shareholders having been waiting a long
time for this event – I should know I am one of them.
However, when you understand the process and scale
relative to the size and resources of 3D Energi this
is a phenomenal position. It starts with our team
recognising the geological elements necessary to
contain significant gas. Then we need to bid in an
offshore round AND win it, undertake subsurface
studies, shoot 3D seismic, interpret and integrate
the data, attract an international farmin partner,
form a consortium to deliver a rig, obtain an EP to
drill and finally drill. It is not a game for the impatient.
And we did it twice!
I am extremely proud of the 3D Energi team that have
put us in a unique position to be drilling with an oil and
gas major in a world class area proximal to a gas hungry
market – there are no other small Australian E& P companies
in this position that I am aware of. This is a transformational
time for 3D Energi. We are focussed on becoming an explorer
and a producer.
While the East Coast gas market will remain 3D Energi’s
primary focus going forward, we remain committed on
progressing our WA Bedout block adjacent to the largest oil
discovery in 30 years, the Dorado Field. The prospectivity of
this block remains indisputable, as does that within the greater
region. With the sale of Santos now a real possibility we may
witness a deserved resurgence in this region – a region that
by any standards is world class. We will continue to hunt the
globe for a partner to share in the cost of exploring this block –
a block that has all the ingredients to contain another Dorado.
We continue to review new opportunities but, as shown
by our historical record, we are very selective in our criteria.
In a shrinking world of explorers there is no shortage of
opportunities.
On behalf of the Company, I thank the Board and the
3D Energi team for their endeavours, commitment and
energy over the last year – a very intense year leading
to drilling. A team that are totally focussed on realising
our ambition to become a significant Australian
energy company.
Noel Newell
Executive Chairman
To put this in
context, the Otway
Exploration Drilling Program
could uncover approximately
6 years of the Victorian
gas supply — that is
not insignificant.
8
2026
Small seasonal
supply gaps emerge
2029
A structural
supply gap opens
2025
Victoria faces peak day
gas shortfalls under
extreme winter conditions
A market in urgent need. The looming east coast gas shortfall highlights both the urgency
and strategic value of advancing exploration in the Charlemont Cluster.
Positioned for success, aligned to urgent demand, and executing with
precision — 3D Energi is delivering the metrics that matter in FY25 •
REVIEW OF FY25 OPERATIONS
Delivering the metrics that matter
2
High impact exploration
permits (VIC/P79 and
T/49P)
20%
Participating interest
(Operated by ConocoPhillips
Australia – COPA)
7265 km2
Premier exploration
acreage in the offshore
Otway Basin
6
Prospect clusters
identified across the
Otway portfolio
51
Leads and prospects
identified across 6 clusters,
including Charlemont
3924 km2
3D seismic interpreted
(La Bella, Flanagan and
Sequoia 3D)
1.1 Tcf1,2
Total P50
Prospective Resource –
VIC/P79 and T/49P
23%
Otway portfolio with
Direct Hydrocarbon
Indicators
94%
Offshore Otway Basin
success rate drilling
amplitude supported
prospects on 3D seismic
A Basin ready to deliver. Our focused exploration in the Otway Basin is underpinned by premier
acreage, robust technical indicators, and a high success rate.
9
3D Energi Limited | Annual Report 2025
1. Prospective resources cautionary statement: Prospective Resources are those estimated
quantities of petroleum that may potentially be recovered by the application of a future
development project(s) relate to undiscovered accumulations. These estimates have both a risk
of discovery and a risk of development. Further exploration appraisal and evaluation is required
to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
2. All prospective resources presented in this report are prepared as at 30 June 2025, as disclosed in the Company’s ASX release titled “Multi-TCF Gas
Prospectivity in the Otway Basin” dated 30 June 2025. This announcement should be read in conjunction with that earlier release, which contains all information
required by ASX Listing Rules 5.25 to 5.41. The Company confirms that it is not aware of any new information or data that materially affects the prospective
resource estimates included in the 30 June 2025 announcement, and that all the material assumptions and technical parameters underpinning the resource
estimations in that announcement continue to apply and have not materially changed. Estimates of prospective resources have been prepared in accordance
with the definitions and guidelines of the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS, 2018) and the ASX Listing
Rules. These estimates were prepared using probabilistic methods, incorporating a range of uncertainty on reservoir input parameters to predict the likely range
of outcomes, and are reported in the categories of Low Estimate (P90), Best Estimate (P50), and High Estimate (P10). All resource categories reflect unrisked
recoverable volumes. All petroleum estimates have been aggregated by arithmetic summation by category (low estimate, best estimate, high estimate).
Where prospective resources have been aggregated beyond the field level by arithmetic summation, the aggregate low estimate may be a conservative
estimate and the aggregate high estimate may be optimistic due to portfolio effects.
A program timed for maximum impact. The Otway Exploration Drilling Program is designed to
realise near-term value from Charlemont, with a staged and high-confidence drilling campaign
aligned to near-term market needs.
2025
Phase 1 of the
Otway Exploration
Drilling Program
2
≤4
Optional exploration wells
(Phase 2) in 2026-2028
321 Bcf1,2
Phase 1 Total Gross
Prospective Resource
(P50) targeted
65 Bcf1,2
Phase 1 Total Net TDO
Prospective Resource
(P50) targeted
68-81%
Phase 1 Chance of
Success. Essington-1
and Charlemont-1 wells
US$65M
Total gross carry value
from COPA for Phase 1
>1000 km2
Regia 3D seismic survey
under planning ahead of
Phase 2 OEDP
3271 km2
Environmental Plan
approved for the
Otway Exploration
Drilling Program
Firm exploration
wells (Phase 1)
in 2025.
Essington-1 and
Charlemont-1
10
10
With a clear vision,
roadmap, and focused
execution, we have
delivered tangible progress
toward unlocking near
term value.
3D Energi Limited | Annual Report 2025
11
Delivering on vision
Milestones.
We shifted decisively from planning to execution in FY25—building operational
momentum ahead of a transformational drilling campaign in FY26.
Mobilisation.
Approvals secured and seabed surveys complete, drilling mobilisation is nearing
completion—rig and support vessels are now in the Otway Basin.
Markers.
Essington-1 and Charlemont-1 have been selected as priority wells targeting low-risk,
DHI-supported prospects with strong geological confidence and fast-track
commercialisation potential.
Market.
The Charlemont Cluster alone potentially holds enough gas to supply six years of
Victoria’s total demand, with tie-in proximity to existing infrastructure.
Mandate.
Our near-term gas targets align with AEMO’s projected supply shortfalls—positioning
3D Energi as a timely contributor to domestic energy security in the event of success.
Magnitude.
Our basin-leading, multi-Tcf gas portfolio establishes 3D Energi as a commercial-scale
growth platform in the heart of Australia's East Coast gas market.
Momentum.
An expanded prospect inventory, upcoming 3D seismic, near-term well program, and
existing infrastructure positions 3D Energi for sustained, long-term value creation.
With supply
shortfalls forecast to
begin as early as 2028,
the urgency of bringing
new, near-term domestic
gas supply online is
now undeniable.
12
3D Energi Limited | Annual Report 2025
13
Navigating the East Coast Gas Crunch
As Australia’s east coast energy system continues its
transformation, the resilience of its gas supply is
under mounting pressure. The 2025 Gas Statement of
Opportunities (GSOO) released by AEMO delivers a stark
warning: without accelerated investment in new gas supply
and targeted infrastructure upgrades—particularly in the
southern states—the market will likely face seasonal shortfalls
from 2028 and structural deficits from 2029, with serious
implications for both gas consumers and electricity reliability.
These projected shortfalls are driven by a confluence of
supply-side and demand-side pressures, rooted in declining
production from mature basins, persistent infrastructure
bottlenecks, and increasingly volatile demand dynamics
as the system transitions to low-carbon energy.
Supply Tightening Across Southern States
In FY25, the East Coast gas market entered a phase of structural
tightening. Southern states—Victoria, New South Wales,
South Australia, and Tasmania—continue to experience sharp
declines in production from legacy fields in the Gippsland and
Otway Basins, which have historically underpinned domestic
supply. With the Longford Gas Plant due to retire its final unit
by December 2028, the region faces a widening gap between
firm production and projected demand.
System Bottlenecks: Supply Access and
Infrastructure Constraints
Despite the availability of some northern supply,
infrastructure bottlenecks continue to undermine energy
system resilience. The east coast energy system is highly
dependent on Queensland-based LNG producers —who hold
over 90% of east coast reserves— and despite the presence
of uncontracted gas, redirection to domestic markets
depends on the commercial discretion of exporters and is
often not economically viable when international LNG prices
are high.
Even when gas is available, physical transport constraints
remain unresolved. Key pipelines such as the Moomba-to-
Sydney Pipeline (MSP) and the South West Queensland
Pipeline (SWQP) continue to face capacity and directional
flow limitations, especially during winter peaks. While upgrades
are in development, these projects will take time to materially
impact flow capacity.
In this context, developing new southern supply sources,
along with targeted infrastructure enhancements, is no
longer just prudent—it is becoming critical to safeguarding
domestic gas security and ensuring system resilience in the
face of tightening supply-demand dynamics.
Demand Volatility and Grid Stress:
The Role of Gas During Dunkelflaute
FY25 has featured several episodes of Dunkelflaute—
extended periods of low wind and solar generation due to
calm and overcast weather— amplifying the urgency of new
gas developments. These conditions severely reduce the
output of renewable energy sources and often coincide with
cold winter days, when gas is also in high demand for heating,
creating competing priorities for limited gas resources. During
such events, the grid turns heavily to dispatchable generation—
primarily gas-fired power plants—to preserve system stability.
Compounding this issue, several unplanned outages at coal
and gas power stations in recent months have stressed the
system further. For example, unscheduled downtime at units
in Victoria’s Loy Yang A and NSW’s Eraring coal plants have
forced increased reliance on remaining gas peaking units,
which themselves are constrained by tightening gas supply
and rising spot market prices.
This reinforces gas’s dual role: not just a fuel for direct
consumption, but also a critical enabler of electricity
reliability in a decarbonising system.
Securing Domestic Gas Supply:
3D Energi’s Strategic Response
The events of FY25—marked by declining southern production,
volatile weather conditions, and increasing grid stress—
have brought the East Coast gas system to a critical juncture.
With supply shortfalls forecast to begin as early as 2028, the
urgency of bringing new, near-term domestic gas supply online
is now undeniable.
Delivering where it's needed most
As gas supply tightens and grid pressure mounts, the Joint Venture is
stepping up. Our Otway Exploration Drilling Project targets fast, flexible,
local supply—aligned with critical infrastructure and peak demand.
It’s about finding and delivering gas in the right place, at the right time—
when Australia needs it most •
EAST COAST OFFSHORE EXPLORATION
14
OTWAY BASIN
VIC/P79 Exploration Permit – Offshore Victoria
T/49P Exploration Permit – Offshore Tasmania
80% ConocoPhillips Australia (COPA)1
(Operator), 20% 3D Energi Limited (TDO)
Overview
The Otway Basin underpins 3D Energi’s evolution
and its pursuit of long-term value creation.
• The Joint Venture3,4 has licence over 7,265km2 of
premier exploration acreage —VIC/P79 and T/49P
exploration permits— along the shallow inner margin
of the continental shelf (Figure 1)
• 5.8 Tcf best estimate (P50) prospective resource (gross)5
has been identified across a portfolio of 51 leads and
prospects — 1.1 Tcf net to 3D Energi
• Direct Hydrocarbon Indicators (DHIs) are present across
23% of the portfolio
• The offshore Otway Basin has had a 94% success rate
targeting amplitude supported prospects with 3D seismic –
extraordinarily high in a global context
• The Joint Venture has plans to undertake the drilling of up
to six (6) exploration wells as part of the Otway Exploration
Drilling Program (OEDP)
• Phase 1 is commencing in 2025 with the first two (2)
exploration wells, Essington-1 and Charlemont-1
• Phase 1 wells are targeting low risk prospects with DHIs,
located proximal to existing gas fields and under-utilised
pipelines and gas plants
• 3D Energi has a US$65M gross well carry from
ConocoPhillips Australia towards Phase 1 wells
3. The joint ventures formed pursuant to finalised farmout agreements announced on 11 June 2020 (T/49P) and 16 March 2023 (VIC/P79) by and between
3D Oil T49P Pty Limited and ConocoPhillips Australia SH1 Pty Ltd; and 3D Energi Limited and ConocoPhillips Australia SH2 Pty Ltd, respectively, subject
to regulatory and FIRB approvals.
4. ConocoPhillips Australia recently entered a farmout agreement with Korea National Oil Company for a 29% participating interest, subject to FIRB.
5. Refer to Prospective Resources Statements on Page 9 of this document. All estimates are unrisked recoverable unless otherwise stated.
In this context, 3D Energi’s Otway Exploration Drilling Project
(OEDP), in joint venture with ConocoPhillips Australia, is
emerging as a strategically timed and regionally significant
project. Located near key pipeline infrastructure and end-use
markets, the OEDP has the potential to deliver early production
with relative low capital and lead time, positioning it to help
bridge the emerging supply-demand gap identified in AEMO’s
2025 GSOO.
Reflecting this strategic landscape, 3D Energi has aligned
its FY25 and FY26 operational priorities and capital allocation
with the imperative to secure domestic supply. The Otway
Basin, where the OEDP is located, remains one of the few
remaining opportunities in southern Australia capable of
delivering meaningful near-term contributions to both gas
security and grid reliability.
As Australia accelerates its shift toward renewable energy,
the role of flexible, local, and responsive gas supply will be
increasingly vital - particularly during periods of low renewable
output and peak electricity demand. Through its focus on
technically robust, market-adjacent resources, 3D Energi is
not only advancing its position as a future gas producer but
also reinforcing its role as a strategic contributor to energy
security in a decarbonising Australia.
3D Energi Limited | Annual Report 2025
15
FY25 Highlights
• Preparations progressed significantly for the drilling
of up to six (6) exploration wells (Otway Exploration
Drilling Program, or OEDP)
• The Environmental Plan (EP) for the OEDP was
approved by the regulator, the National Offshore
Petroleum Safety and Environmental Management
Authority (NOPSEMA)
• Seabed surveys were completed at priority drilling
locations in VIC/P79 exploration permit
• Two (2) Phase 1 OEDP well locations were selected
in VIC/P79: Essington-1 and Charlemont-1
• Enacted transfer of US$30M COPA well carry
obligation from T/49P to VIC/P79
• Recognised multi-TCF gas prospectivity across the
Otway portfolio in the form of 51 prospects and a
total best estimate (P50) prospective resource of
5.8 Tcf (gross)5
• Prospects in the Charlemont Cluster (several to be
targeted in Phase 1) were high graded, with the cluster
having the potential to supply ~6 years of Victoria’s
annual gas consumption
• An Otway conceptual gas development scenario outlined
the role of Charlemont Cluster, in a commercial success
case, as a potential development hub for VIC/P79
• Continued planning for the acquisition of the Regia
3D seismic survey in northern VIC/P79
• COPA to farm down 29% interest in VIC/P79 and
T/49P to Korea National Oil Corporation (KNOC)
FY26 Activities
• Transocean Equinox handover to ConocoPhillips
Australia
• Drill two high impact exploration wells in VIC/P79
exploration permit
• Essington-1 targeting 233 Bcf best estimate (P50)
prospective resource (gross)5 with 68-76% chance
of success
• Charlemont-1 targeting 88 Bcf best estimate
(P50) prospective resource (gross) 5 with 81% chance
of success
• Evaluate and integrate new well data from Phase 1
OEDP in support of Phase 2 decision-making
• Continue planning for the Regia 3D seismic survey
Commercial
Well Carry Transfer and
Commercialisation Strategy
During FY25, the Company elected to reallocate its US$30M well
carry from the T/49P permit to a second well in VIC/P79 as part
of Phase 1 of the OEDP (refer to TDO ASX release 24 June 2024).
A conceptual Otway gas development strategy released on
29 August 2024, assessed the commercial implications of this
decision in the event of a successful exploration outcome.
Strategic Benefits of the Carry Transfer
The transfer of the carry provides enhanced flexibility in
selecting optimal drilling locations for the initial two exploration
wells, as prospect clusters across both permits exhibit varying
levels of commercial readiness and strategic importance.
Under the conceptual strategy, the Charlemont Cluster (located
in southern VIC/P79) is prioritised. This area hosts some of
the lowest-risk gas prospects within the combined permit
portfolio, and the entire offshore Otway Basin, supported by
common Direct Hydrocarbon Indicators (DHIs). The cluster is also
advantageously located near existing gas fields, infrastructure,
and the east coast market, improving its development
attractiveness. In contrast, the T/49P clusters are more remote
from existing infrastructure and prior exploration wells, presenting
comparatively higher development risk and cost. These provide
a mid to long term potential add-on to near field developments.
As a result, reallocating the carry to VIC/P79 supports a more
rapid and commercially viable development trajectory. In the
event of a successful discovery in the Charlemont Cluster,
a central development hub could be established. This would
enable exploration expansion into surrounding prospect
clusters, potentially unlocking phased developments in
northern VIC/P79 and/or T/49P.
Increased Financial Efficiency
In addition, the reallocation ensures that the Company remains
carried by COPA for up to US$65 million towards gross drilling
costs for the two Phase 1 exploration wells—maximising the
capital efficiency and strategic value of its exploration spend.
Korea National Oil Company (KNOC) back
Otway gas ambitions
During FY25, COPA entered into an agreement with KNOC, the
national oil and gas company of South Korea, where the latter will
acquire a 29% interest in VIC/P79 and T/49P exploration permits
(TDO ASX release 16 May 2025), marking their entry into Australia.3
COPA will reduce their equity to 51% while 3D Energi’s equity will
remain at 20%. COPA will retain operatorship of the Joint Venture.
The exploration program has been further bolstered with
KNOC’s investment participation and exploration expertise,
reinforcing our commitment to find new natural gas discoveries
to supply domestic gas to the east coast of Australia.
16
Figure 1 – VIC/P79 and T/49P exploration permits and prospect clusters. Inset exploration wells map shows three possible
well locations for Phase 1 of the upcoming Otway Exploration Drilling Program (OEDP).
3D Energi Limited | Annual Report 2025
17
Multi-Phase Exploration Drilling Program
Receives Regulatory Approval
During FY25, ConocoPhillips Australia’s Environment Plan
(EP) for the OEDP was accepted by Australia’s National
Offshore Petroleum Safety and Environmental Management
Authority (NOPSEMA) (TDO ASX release 3 March 2025).
EP acceptance was a critical milestone because it signified
formal regulatory endorsement of the project's environmental
safeguards, allowing operational activities to proceed. The
EP outlines the measures in place to prevent, manage, and
mitigate environmental risks throughout the life cycle of the
drilling program. Securing acceptance from the regulator
validated that the proposed operations met all legislative
and environmental performance standards, reinforcing the
project's compliance, credibility, and social licence to operate.
In short, EP acceptance was not just a procedural hurdle—
it was a pivotal enabler of execution readiness and project
momentum.
Securing Critical Equipment and Services
for Phase 1 Delivery
Procurement and contracting activities have continued
throughout FY25, focused on securing critical assets,
equipment, and services to ensure readiness for the offshore
drilling campaign. Engagements included long-lead items
procurement (such as subsea wellheads, conductor pipes,
casing and liners), mobilisation planning, and contracting
of seabed surveys, drilling, marine and air support services,
setting the stage for operational execution.
Seabed Survey Completion Supports
Phase 1 Drilling Readiness
Following environmental approvals, seabed surveys were
mobilised and conducted across priority drilling locations
(TDO ASX release 27 May 2025). Seabed surveys are an
important safety and environmental measure undertaken
ahead of exploratory drilling, completed by a boat/vessel
that maps the seafloor and collects seabed samples.
The data acquired – including bathymetry, geophysical,
and environmental information – provides detailed insights
into the physical and environmental characteristics of the
seafloor at the proposed drilling location. The data is being
used to confirm the suitability of proposed drilling locations,
finalise rig positioning and seabed anchoring plans, and
support regulatory submissions for final drilling approvals
under the Offshore Petroleum and Greenhouse Gas
Storage Act.
Phase 1 Well Selection and Drilling
Sequence Confirmed
A key milestone achieved in FY25 was the finalisation of well
locations and the drilling sequence for Phase 1 of the OEDP,
as announced in the Company’s ASX release dated 3 July
2025. Following comprehensive technical evaluation and
survey activity, Essington-1 and Charlemont-1 - both located
within the Charlemont Cluster - were confirmed as the initial
exploration targets.
Drilling operations will be undertaken by the Transocean
Equinox semi-submersible rig, operated by ConocoPhillips
Australia on behalf of the Joint Venture. Commencement
of drilling is scheduled for October 2025, starting with
Essington-1, followed by Charlemont-1 later in the year.
This sequencing remains subject to prevailing weather
and operational conditions.
All drilling activities are being executed in accordance with
the approved Environment Plan, with completion anticipated
by year-end 2025. To ensure safety and regulatory compliance,
Petroleum Safety Zones are established around both well
sites, effective from 1 July 2025 through to 1 March 2026,
providing controlled access and ensuring uninterrupted
drilling operations.
Delivery from strategy to spud
The Otway Joint Venture has made significant strides in preparing for
the Otway Exploration Drilling Program during FY25. From technical
assessments to environmental approvals, we have methodically de-risked
and advanced the project. With a clear roadmap and focused execution,
we have delivered tangible progress toward unlocking our asset potential •
OTWAY EXPLORATION DRILLING PROGRAM (OEDP)
18
3D Energi Limited | Annual Report 2025
19
Mobilisation of Drilling Rig and Marine Fleet
to the Otway Basin
The arrival of the rig and its support vessels in the Otway
Basin during FY25 (TDO ASX release 10 April 2025) signals
the transition from planning to execution and marked the
first of several forthcoming major operational milestones for
the OEDP. Moreover, it represents the culmination of years
of preparation across regulatory approvals, environmental
planning, procurement, logistics, and technical readiness.
ConocoPhillips Australia is part of an industry consortium
that has contracted the Transocean Equinox rig (a Mobile
Offshore Drilling Unit). Other companies in the consortium
will use the rig for their own activities that are unrelated to
the Otway Exploration Drilling Program.
Multi-Tcf Prospectivity Reinforces Otway
Basin’s Role in East Coast Supply
During FY25, the Company made substantial progress
in advancing its offshore Otway Basin gas portfolio (TDO
ASX release 30 June 2025), positioning the company as
a key player in addressing looming energy shortages on
Australia’s East Coast.
The Company updated its prospective resource estimates
across both VIC/P79 and T/49P exploration permits following
the completion of seismic interpretation and reprocessing
activities. In total, 51 prospects have been defined with a total
best estimate (P50) prospective resource of 5.8 Tcf (gross)6,
making this the largest offshore prospective gas inventory
in the Otway Basin.
This updated estimate is based on ~3,924 km² of 3D seismic
data, as well as legacy 2D seismic data, which includes new
reprocessing work that significantly enhanced subsurface
imaging quality and enabled clearer identification of Direct
Hydrocarbon Indicators (DHIs).
An important feature of FY25’s developments is the high
grading of the Charlemont Cluster (Figure 1). Located in
VIC/P79, Charlemont comprises seven (7) low-risk prospects
that exhibit strong DHI support and are proximal to existing
pipelines. With a combined gross best estimate (P50)
prospective resource of 912 Bcf 6, Charlemont alone has the
potential to supply up to 1,070 petajoules of gas – an amount
equivalent to approximately six years of Victoria’s current
total gas consumption.
In parallel, the Flanagan Cluster in T/49P has emerged as a
frontier area with a significant prospective resource. Nine (9)
new prospects were identified through the reprocessing of
the Flanagan 3D seismic survey, contributing to a total best
estimate (P50) prospective resource of over 2.1 Tcf (gross)6
across the cluster. The Flanagan structure maintains
a significant best estimate (P50) prospective resource of
1.2 Tcf (gross)6, potentially the largest undrilled structure in
the basin. The cluster offers significant upside, supporting
future southern expansion of drilling activities.
Exploration activities are also progressing in the Regia Cluster,
a frontier area in northern VIC/P79. Although currently based on
2D seismic data, this cluster is scheduled for a new 3D seismic
acquisition to better evaluate its prospectivity. Preliminary
estimates indicate a potential best estimate (P50) prospective
resource of 1.0 Tcf (gross)6, further supporting the permit’s
significant prospectivity. A maximum of two (2) exploration
wells can be drilled in this cluster as part of the OEDP.
Further south in T/49P, the Company has refined its
understanding of the Whistler Point, British Admiral, and
Seal Rocks clusters, previously defined by sparse 2D seismic.
Interpretation of the Sequoia 3D has revealed increased
structural complexity that has resulted in these leads being
redefined as clusters of discrete, smaller fault-bound traps,
prompting a reduction in prospective volumes from 10 Tcf
Delivering subsurface insight
With the Otway’s largest offshore inventory of gas prospects and
cutting-edge 3D seismic insights, 3D Energi enters the year with
momentum. Targeting the high-impact Charlemont Cluster, the Otway
Exploration Drilling Program is poised for action. Our next chapter is
about more than discovery — it’s about delivery, impact, and securing
Australia’s energy future •
EXPLORATION
6. Refer to Prospective Resources Statements on Page 9 of this document. All estimates are unrisked recoverable unless otherwise stated.
20
to 3.8 Tcf best estimate (P50). Revisions such as this are
expected when transitioning from sparse 2D to 3D seismic
data, as improved subsurface imaging typically results in more
accurate—and often smaller—resource estimates. Although
structurally more complex, these areas remain strategically
important for long-term supply growth and portfolio balance.
In summary, 3D Energi has established a robust gas exploration
portfolio, headlined by the Charlemont Cluster’s near-term
commercial potential and significant expansion upside across
the Otway Basin. This portfolio potentially positions 3D Energi
as a timely contributor to emerging national energy needs.
Essington Prospect Update –
Otway Exploration Drilling Program
During FY25, Essington Prospect was confirmed as the
first drilling target for Phase 1 of the OEDP, alongside a
prospectivity and prospective resource update (TDO ASX
release 30 June 2025). Essington-1 is a low-risk prospect
supported by DHIs (Figure 2), situated approximately 5 km
west of the Geographe Field.
The target reservoir is the Waarre A Formation, a proven
gas-bearing unit in the region at Casino, Henry and Netherby
fields. Importantly, Essington-1 benefits from DHIs such as
amplitude anomalies (Waarre C) and a clearly defined flat
spot (Waarre A, Figure 2) —features enhanced through recent
seismic reprocessing.
Charlemont B Prospect Update –
Otway Exploration Drilling Program
During FY25, Charlemont B prospect (formerly Rosetta) was
selected as the second drilling target in Phase 1 of the OEDP
and will be tested by the Charlemont-1 exploration well.
Having completed its revision to prospective resource
estimates during FY25 (TDO ASX release 30 June 2025) -
based on the 2024 reprocessing of the La Bella 3D - the
Company also reported a significant improvement in imaging
beneath Tertiary channelling that overlies the Charlemont B
prospect. The removal of noise caused by the channels has
revealed compelling DHIs, including an amplitude anomaly
conforming with depth closure and a well-developed flat spot
(Figure 2). As one of the lowest risk prospects in the portfolio,
aligned with its proximity to the La Bella gas field, these
findings position Charlemont B as a priority drilling target.
Maturing the Regia Cluster through targeted
3D seismic acquisition
The Regia Cluster forms a potential northern development
pathway in the event of commercial success in the
Charlemont Cluster. Accordingly, the Regia 3D seismic
survey is currently under planning over northern VIC/P79,
with the aim to mature this potentially prospective cluster
for future exploration drilling.
The acquisition of at least 1000km2 of 3D seismic forms
the Year 5 work program commitment for VIC/P79. The
Environmental Plan (EP) for the Regia 3D has been under
assessment by NOPSEMA through FY25. In Q4, ending
30 June 2025, an Opportunity to Modify and Resubmit
(OMR) was received. The matters raised in the OMR will be
addressed and any appropriate changes will be made, ensuring
it is up to date with the any new relevant information, before
resubmitting to NOPSEMA in early FY26.
Regulatory
During FY25, ConocoPhillips Australia (COPA) lodged
regulatory applications with the National Offshore Petroleum
Titles Administrator (NOPTA), seeking adjustments to the
VIC/P79 and T/49P work programs to better support ongoing
technical and operational planning.
COPA has requested a 24-month suspension and extension
of the current VIC/P79 Year 1-3 (primary term) work program
commitment —the drilling of one exploration well— originally
due by 2 February 2025.
Additionally, COPA is seeking a 12-month extension for
subsequent Years 4, 5, and 6 within the secondary term.
These activities include post-well geological and geophysical
studies, >1000km2 3D seismic acquisition (Regia) and post
3D seismic acquisition geological and geophysical studies.
This application is currently under assessment.
The Regia 3D seismic Environmental Plan is currently under
assessment by NOPSEMA, and the activity may be brought
forward to the primary term. The acquisition window under
the proposed EP currently extends from April to June and
September to November (inclusive), however, precise timing of
the survey is subject to vessel availability, weather conditions
and other operational considerations, and will consider the
seasonality of environmental sensitivities, where practicable.
In parallel, COPA lodged a separate application with NOPTA
for a 24-month suspension and extension of the T/49P Year 5
work commitment activities. This request proposes variations
to the work program scope to support prospect maturation
and inform decision-making related to Phase 2 of the Offshore
Exploration Drilling Program (OEDP). This application has been
recently accepted, deferring the optional Year 6 exploration
well commitment to 22 February 2027.
3D Energi Limited | Annual Report 2025
21
Figure 2 – Upper: Schematic interpretation of the Essington Prospect showing stacked reservoirs with DHIs, including the Waarre
C and Waarre A reservoirs. Inset image shows a well-developed flat spot coinciding with the interpreted gas water contact in the
Waarre A reservoir. Middle: Waarre A RMS map with depth contours showing amplitude anomalies conforming with structural traps
along the Charlemont Trend at Charlemont B, C, D and E. Lower: Schematic interpretation of the Charlemont Trend prospects
showing stacked reservoirs with interpreted Direct Hydrocarbon Indicators.
22
3D Energi Limited | Annual Report 2025
23
BEDOUT SUB-BASIN,
NORTHWEST SHELF
WA-527-P Exploration Permit –
Offshore Western Australia
100% Participating Interest (Operator)
Overview
The WA-527-P exploration permit (Figure 3)
represents a diversification of 3D Energi’s
portfolio, marking our entry into the prolific
offshore Northwest Shelf, where we are
targeting the outstanding oil prospectivity
within the Bedout Sub-Basin:
• The Bedout Sub-Basin hosts the largest Northwest
Shelf oil discovery in 30+ years - the Dorado Field
• WA-527-P covers 6,500km2 along the margin of the
basin and has access to a wide variety of plays
• 2D seismic reprocessing has revealed Dorado look-alike
features (incised valleys) in WA-527-P, which could have
potential for large closures like Dorado (Figure 4)
• These potential incised valleys are located directly
along trend from the latest oil discovery, the Pavo Field,
which demonstrates the migration of hydrocarbons to
the basin margin
• The Sauropod 3D seismic survey planning is underway
to fully image these potential incised valleys and identify
possible drill targets
• A prospective resource of 350 million barrels (MMbbls)7
of oil (gross) is estimated across three (3) existing leads,
including Salamander, the third largest undrilled structure
in the basin (by area)
Exploration
Laying the Groundwork for Sauropod
Through Deeper Subsurface Insight
Despite significant preparations to enable acquisition of
the Sauropod 3D seismic survey during FY25, 3D Energi
was unable to proceed within the window. The Company’s
preferred strategy has been to secure a farm-in partner to
fund the forward exploration program (TDO ASX release dated
19 March 2024) and subdued investment sentiment across
the Australian upstream sector persisted throughout FY25,
constraining the ability to secure a suitable partner within the
required timeframe.
Nonetheless, FY25 brought encouraging signs for small-cap
explorers like 3D Energi. Several global oil and gas majors—
including BP, Equinor, Shell, and TotalEnergies—rebalanced their
capital allocation strategies in favour of high-margin oil and gas
projects, scaling back prior low-carbon ambitions. These shifts
signal a potential return of capital and interest to high-quality
exploration opportunities, particularly in geologically proven
high prospectivity basins such as the Bedout.
In line with its disciplined capital allocation approach,
3D Energi focused its FY25 investment on near-term,
value-accretive projects in the Otway, where the Company
has successfully partnered with ConocoPhillips Australia.
Concurrently, the Company continued to deepen its
understanding of the Bedout petroleum system to enhance
its future farm-out position.
A key development in FY25 was the commencement of
analysis on the newly released Keraudren 3D seismic dataset -
the first publicly available 3D dataset in the Bedout Sub-Basin.
This dataset marks a step change in both the resolution and
availability of subsurface information across the Dorado and
Roc areas. Its early integration is already delivering tangible
value, enabling robust calibration of stratigraphic architecture
and depositional systems across permit boundaries - insights
that were previously constrained by limited 2D seismic and
poor well control.
3D Energi is exploring the next frontier on the Northwest Shelf. With
Dorado-style channeling identified along trend from major discoveries
and the Sauropod 3D survey progressing, we’re positioned to unlock
high-impact potential on the Bedout margin. It’s a compelling,
opportunity-rich setting—ready for the right partner to shape what’s next •
WEST COAST OFFSHORE EXPLORATION
Delivering the next frontier
7. Refer to Prospective Resources Statements on Page 9 of this document. All estimates are unrisked recoverable unless otherwise stated.
24
Figure 3 – WA-527-P exploration permit and the Sauropod 3D Environmental Planning area.
Figure 4 – Amplitude anomaly (full stack) on reprocessed 2D seismic, truncated by a potential erosional
channel system within WA-527-P (red arrows delineate edges of channel).
3D Energi Limited | Annual Report 2025
25
FY25 Highlights
• The Company continued to diligently market the
opportunity to prospective partners to fund the
Sauropod 3D seismic survey
• Commenced planning for the revision of the
Sauropod 3D Environmental Plan for a 2026/2027
acquisition window
• Commenced mapping of the Keraudren 3D, the first
open file 3D seismic data available in the basin,
to improve resolution and accuracy of 2D seismic
mapping into WA-527-P
FY26 Activities
• Continue to diligently market the opportunity to
prospective partners to fund the Sauropod 3D
• Preparation and submission of a revised Environmental
Plan for the Sauropod 3D seismic survey
• Mapping of the recently available Keraudren 3D,
updates to 2D seismic interpretation in WA-527-P,
and integration into petroleum systems understanding
in WA-527-P
• Application preparation and submission for a
Suspension and Extension of the primary term
and the Sauropod 3D seismic commitment
These emerging perspectives are refining existing exploration
concepts and understanding of key play elements such as
reservoir presence and sealing mechanisms. This enhanced
geological understanding may lend itself to a more targeted
and efficient approach to any future Sauropod 3D acquisition.
Continued subsurface assessment and integration of the
Keraudren 3D dataset will remain a key focus in FY26.
Progressing planning for the Sauropod
3D seismic survey
The Sauropod 3D survey remains a strategically significant
dataset for evaluating Dorado-style traps within the Bedout
Sub-Basin. The survey’s primary objective is to image the
potential northern extension of the Dorado incised valley
channel system, located in the southwest corner of the permit
area. This feature has been previously identified through
reprocessed 2D seismic data and is considered a promising
target for identifying new potential drilling opportunities
during the secondary term.
In FY25, 3D Energi reaffirmed its commitment to the
Sauropod 3D acquisition by engaging RPS Environmental
Consultants, via Viridien (formerly CGG), to reinitiate
stakeholder engagement and undertake a comprehensive
revision of the Sauropod Environment Plan (EP). Upon
completion of the revised EP in FY26, the document will be
submitted to NOPSEMA for a 30-day public comment period.
Following this, a Titleholder’s Report on Public Comment will
be prepared and the EP will then be formally submitted for
regulatory assessment.
The updated EP will propose the acquisition of the Sauropod
3D survey within a flexible two-year operational window,
running from January to May (inclusive) in either 2026 or 2027.
The proposed maximum full-fold acquisition area will span up
to 3,447 km².
In parallel with the EP revision process in FY26, 3D Energi
will apply for a Suspension and Extension of the current
primary term 3D seismic work commitment. This will ensure
alignment between the title obligations and the updated EP
submission timeline.
26
3D Energi Limited | Annual Report 2025
27
Gas storage is under investigation as a
component of 3D Energi’s broader emerging
energy strategy, especially in the context of the
looming energy crisis in Eastern Australia and
the ongoing transition within both domestic
and global energy markets.
Evaluation of the Caroline Field for Gas Storage
3D Energi is assessing the potential of the depleted Caroline
carbon dioxide (CO₂) field, located in the onshore Otway Basin,
as a suitable underground gas storage (UGS) site. The focus
includes feasibility for storing natural gas, hydrogen, and
carbon dioxide.
UGS facilities, such as the depleted Iona gas field, play a
critical role in the east coast gas supply system. These facilities
help maintain reliability during periods of peak demand by
managing daily, seasonal, and annual fluctuations in supply.
In contrast, shallow storage facilities like those at Dandenong
(VIC) and Newcastle (NSW) offer limited storage capacity and
are constrained by slower refill rates due to the liquefaction
process required prior to injection.
3D Energi is currently evaluating several key technical
variables critical to a successful gas storage operation at
Caroline, including subsurface storage capacity, reservoir
injectivity and reservoir deliverability.
Hydrogen Storage Potential
As Australia positions itself to become a major global
producer of hydrogen, large-scale underground hydrogen
storage is gaining strategic importance. Recently,
significant concentrations of naturally occurring hydrogen
were discovered in an exploration well in South Australia,
underscoring the potential of this emerging market.
Depleted gas fields such as Caroline may represent the
most cost-effective and secure option for large-scale
hydrogen storage, offering a valuable buffer against supply
and demand variability in both domestic and international
markets. However, the absence of an established local
hydrogen market, combined with the unique properties of
hydrogen, necessitates further investigation. Specifically,
additional subsurface reservoir and seal integrity studies
are required to evaluate Caroline’s suitability for hydrogen
storage applications.
Carbon Capture and Storage
(CCS) Opportunity
Carbon Capture and Storage (CCS) is a well-established
and proven method for permanently storing captured CO₂
emissions in deep geological formations. Given its prior use
as a CO₂ reservoir, the Caroline field is a promising candidate
for CCS deployment.
3D Energi is currently exploring the potential for
commercialising a CCS model at the Caroline scale, building
on the reservoir's geological history and evaluating whether
the field’s characteristics are conducive to long-term, secure
carbon storage.
3D Energi is unlocking new value through subsurface gas storage,
supporting a reliable, low-carbon energy future. At GSEL 759, the former
Caroline CO₂ field is under assessment for storage of hydrogen, natural
gas, or CO₂—advancing a strategic vision where cleaner energy meets
secure supply, all from proven ground •
EAST COAST GAS STORAGE
Delivering future flexibility
28
OTWAY BASIN,
SOUTH AUSTRALIA
GSEL 759 Gas Storage Exploration Permit –
Onshore South Australia
100% Participating Interest (Operator)
Overview
Gas Storage Exploration Licence (GSEL) 759
(Figure 5) was awarded 100% to 3D Energi in
July 2022. The permit is located approximately
20 km southeast of Mount Gambier and is
proximal to the South East Pipeline System
(SEPS). Encompassing an area of 1.02 km², the
licence is centrally situated around the plugged
and abandoned Caroline-1 wellhead and covers
part of the now depleted Caroline Field.
Evaluation
In FY25, GSEL 759 progressed through the third year of a
five-year work program aimed at evaluating and establishing a
viable gas storage business model. The comprehensive program
comprises integrated technical and commercial studies,
including reservoir deliverability assessments, seal integrity
evaluations, detailed seismic interpretation (with the potential for
data reprocessing), and the development of static and dynamic
reservoir models. These technical workflows are designed
to inform and support an economic model that incorporates
drilling, completions, and surface engineering considerations.
During FY25, the focus was the development of a framework
for static and dynamic reservoir models to evaluate economic
suitability. This necessitated a thorough review and interpretation
of legacy 2D seismic data across the field. However, seismic
mapping revealed significant uncertainties due to the sparse
and low-quality nature of the available dataset. The limited
seismic coverage, combined with historical acquisition and
processing challenges and complex local geology, contributed
to suboptimal imaging of the reservoir interval.
Figure 5 – GSEL 759 location relative to Mount Gambier (yellow), the South East Pipeline System and electricity transmission lines.
3D Energi Limited | Annual Report 2025
29
FY25 Highlights
• Progressed with technical studies to evaluate the
potential of the depleted Caroline Field for the storage
of hydrogen, natural gas, or carbon dioxide
• Completed an evaluation of 2D seismic data quality,
velocities and a preliminary depth conversion to
determine if there is a case for 2D seismic reprocessing
• Initiated test line reprocessing to improve imaging
of the structural framework and reservoir, as well as
seismic velocities
• Evaluated options to acquire new 2D or 3D seismic
over Caroline to improve understanding of storage
capacity and structural architecture of the field.
FY26 Activities
• Evaluate proposals for the acquisition of new seismic
data over Caroline.
• Evaluate whether to continue progressing with the
forward work program for GSEL 759.
Seismic Interpretation Challenges
Seismic reflections at the reservoir level were found to
be generally weak, discontinuous, and lacking coherence.
These limitations hindered reliable delineation of structural
closures and fault architecture. Additionally, anomalous
velocity distributions across the field created difficulties
in depth conversion, leading to structural distortion and
increased uncertainty in reservoir geometry and depth.
Due to the limitations in seismic control at the Caroline field,
several key technical assessments remain constrained:
• Reservoir structure and closure geometry, impacting
the estimation of working and cushion gas volumes.
• Fault architecture and containment integrity, particularly
for mobile/reactive gases such as hydrogen.
• Prediction of wellbore stability and casing design, given
limited understanding of fault geometry, in-situ stress
conditions, and lithological contrasts.
• Optimisation of development planning, including well
placement, injection/withdrawal strategies, and surface
facility design.
Seismic Reprocessing and Forward Plans
A test reprocessing effort was undertaken along a key
seismic line intersecting the Caroline-1 well, with the aim of
enhancing imaging quality, fault definition, and velocity control.
Unfortunately, the results showed minimal improvement, in
part due to intrinsic limitations in the original acquisition and
legacy processing techniques. As a result, it was determined
that further reprocessing of the existing dataset would be
unlikely to deliver meaningful value.
Consequently, the Company is now actively evaluating
the acquisition of new seismic data over the Caroline field,
including consideration of emerging acquisition technologies.
This proposal is currently under internal review.
30
Delivering with purpose
At 3D Energi, “Delivering” is more than a milestone — it’s a mindset.
As we prepare to move from planning into operations, we are laying the
groundwork for a company that delivers not only technical results, but
lasting value through responsible, transparent, and sustainable practices •
DELIVERING ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
Building a Sustainable Energy Future
3D Energi believes that building a sustainable energy future
starts with responsible foundations. As an early-stage oil and
gas exploration company, our operations remains limited —
but our long-term commitments to environmental stewardship,
stakeholder engagement, and transparent governance are
already shaping how we plan, partner, and grow.
Environmental Stewardship through
Operational Discipline
As the Company advances toward its first offshore well in the
Otway Basin, we remain committed on delivering operational
readiness that is both technically sound and environmentally
aligned. While we are not an oil and gas producer, our
involvement in the Otway Exploration Drilling Project (OEDP)
reflects how ESG considerations are embedded into our
investment decision-making.
The OEDP is operated by ConocoPhillips Australia, with
3D Energi holding a 20% participating interest. In February
2025, the project’s Environment Plan (EP) was accepted by
NOPSEMA. The EP outlines the measures in place to prevent,
manage, and mitigate environmental risks throughout the
life cycle of the drilling program. Securing acceptance from
the regulator validated that the project has been designed to
minimise environmental and social risks — a critical foundation
for its social licence to operate.
From our non-operating position, we are encouraged by
the rigorous application of ESG principles throughout the
EP process. Notably, the Joint Venture imposed activity
constraints to reduce potential impacts — including a 34%
reduction in the operational area compared to the original
scope. These measures demonstrate a shared commitment
to environmental risk mitigation and ALARP (As Low As
Reasonably Practicable) principles.
Additional activity limitations included caps on the number of
wells and seabed surveys across operational areas, minimum
distances between wells, caps on the number of wells drilled
within any 12-month period, and narrowing of the ranges of
water depths in which activities can occur — to name a few.
Engaging With Integrity
The OEDP EP was shaped by a comprehensive consultation
process that included engagement with over 1,000 relevant
persons and more than 5,000 individual communications.
This extensive engagement helped inform control measures
related to marine user co-existence, cultural heritage
protections, and habitat sensitivity, aligning with our
material ESG focus areas of biodiversity conservation
and community relationships.
The public comment period provided an opportunity for
community members to review the EP and technical supporting
documents and have their feedback on environmental
management and other aspects of the proposed activity. 11,440
public comment submissions were received via NOPSEMA,
leading to 44 amendments to the EP – some involving multiple
changes – 5 enhancements to Environmental Performance
Standards and improvements to 2 Control Measures. These
changes reflect tangible integration of stakeholder feedback
into environmental and social risk management.
3D Energi actively tracks these outcomes and supports
continued, science-based and transparent engagement
with local stakeholders and Traditional Owners. As operator,
ConocoPhillips Australia (COPA) is safeguarding and mitigating
potential impacts and risks to cultural heritage through several
mechanisms demonstrated in the EP. COPA has also designed
a Cultural Heritage Protection Program, which seeks to identify
or design initiatives that enhance protections for cultural
heritage for Sea Country and co-implement initiatives with
First Nations Groups near, or adjacent to, operational areas.
Operating with Integrity in a
Non-Operating Role
Our participation in a program of this calibre reflects our
approach to ESG: practical, performance-focused, and
grounded in regulatory frameworks. We are delivering not just
operational preparedness, but also credibility and discipline in
how we participate in projects that uphold environmental and
social performance that meets or exceeds the expectations
of regulators, communities, and capital markets.
31
3D Energi Limited | Annual Report 2025
DELIVERING OVERSIGHT AND ACCOUNTABILITY
Strong governance is the foundation of 3D Energi’s strategy to deliver value for shareholders
and contribute to Australia’s evolving energy needs. Our ESG framework is embedded in our
risk management and governance principles that underpins 3D Energi’s business model,
ensuring transparency, oversight, and compliance across all facets of our activity.
3D Energi maintains a fit-for-purpose governance framework that enables:
• Oversight of joint venture activity through internal review and Board-level reporting
• Structured risk identification and mitigation, regularly updated and integrated into investment decisions
• Monitoring of compliance and regulatory obligations, especially in relation to operator submissions and
environmental approvals
These controls ensure that ESG risks and opportunities are understood, addressed, and communicated at the
appropriate level.
In line with this governance model, ESG considerations are elevated to the Board via structured risk reporting and
policy reviews. These are consistent with the governance disclosures in our FY25 Annual Report and include:
• A clearly defined Board Charter with risk and governance oversight responsibilities
• Whistleblower, Anti-Bribery, and Code of Conduct policies
• A documented commitment to transparency, integrity, and continuous improvement
As the OEDP progresses toward drilling, our internal governance processes ensure we continue to participate in
a way that is informed, ethical, and aligned with both shareholder expectations and Australia’s regulatory standards.
This is how we deliver accountability — even when not in the operator’s seat.
United by a shared
vision, we are delivering
together — combining
expertise, collaboration,
and commitment to
create lasting value.
32
3D Energi Limited | Annual Report 2025
33
The Directors present their report,
together with the financial statements,
on the consolidated entity (referred to
hereafter as the 'Consolidated Entity')
consisting of 3D Energi Limited (referred
to hereafter as the 'Company' or 'parent
entity') and the entities it controlled at
the end of, or during, the year ended
30 June 2025.
Directors
The following persons were Directors of 3D Energi Limited
during the whole of the financial year and up to the date of
this report, unless otherwise stated:
● Noel Newell
● Ian Tchacos
● Leo De Maria
● Trevor Slater
Principal activities
During the financial year the principal continuing activities
of the Company consisted of exploration and development
of upstream oil and gas assets.
Dividends
There were no dividends paid or declared during the current
or previous financial year.
Review of operations
The loss for the Consolidated Entity after providing for income
tax amounted to $1,482,591 (30 June 2024: $2,174,797).
Refer to the detailed Review of Operations preceding this
Directors' Report.
Financial position
The net assets decreased by $1,323,262 to $9,546,746 at
30 June 2025 (30 June 2024: $10,870,008). During the year
the Consolidated Entity invested $1,193,312 (30 June 2024:
$1,667,682) on exploration assets, mainly in relation to
VIC/P79, T/49P and WA-527-P.
The working capital position of the Consolidated Entity as
at 30 June 2025 is $442,537 (30 June 2024: $2,662,011).
The Consolidated Entity incurred net operating cash outflows
of $1,162,684 (30 June 2024 : $1,393,604). The cash balances
as at 30 June 2025 was $718,949 (30 June 2024: $3,157,805).
Risks and uncertainties
The Company is subject to risks that are specific to
the Company and the Company’s business activities,
as well as general risks.
At the heart of 3D Energi’s momentum is a small but highly capable
team — united by a shared sense of purpose. We are delivering as one:
combining industry expertise with adaptability, collaboration, and a
commitment to responsible growth. As we scale, we will continue to
invest in people who bring vision to life •
DIRECTORS' REPORT
Delivering together
34
Future funding risks
The Company is involved in exploration and development of
upstream oil and gas assets and is yet to generate revenues.
The Company has a cash and cash equivalents balance of
$718,949 and net assets of $9,546,746 as at 30 June 2025.
The Company may require substantial additional financing in
the future to sufficiently fund exploration commitments and
its other longer-term objectives.
As the Company is still in the early stages of exploration it has
the ability to control the level of its operations and hence the
level of its expenditure over the next 12 months. However,
the Company's ability to raise additional funds will be subject
to, among other things, factors beyond the control of the
Company and its Directors, including cyclical factors affecting
the economy and share markets generally. If for any reason
the Company was unable to raise future funds, its ability to
meet the exploration commitments and future development
would be significantly affected.
The Directors regularly review the spending pattern and ability
to raise additional funding to ensure the Company’s ability
to generate sufficient cash inflows to settle its creditors and
other liabilities.
Joint Venture Operations Risks
The Company participates in a number of joint ventures for
its business activities. This is a common form of business
arrangement designed to share risk and other costs associated
with the upstream oil and gas exploration. Under certain
Joint Venture operating agreements, the Company may
not control the approval of work programs and budgets and
a Joint Venture Partner may vote to participate in certain
activities without the approval of the Company. As a result,
the Company may experience a dilution of its interest or may
not gain the benefit of the activity, except at a significant cost
penalty later in time.
Failure to reach agreement on exploration, development
and production activities may have a material impact on the
Company’s business. Failure of the Company’s Joint Venture
Partner’s to meet financial and other obligations may have an
adverse impact on the Company’s business.
The Company works closely with its Joint Venture Partner’s.
Foreign currency risk
Certain exploration transactions denominated in foreign
currency and is exposed to foreign currency risk through
foreign exchange rate fluctuations, which is beyond the control
of the Company. The Company uses sensitivity analysis and
measurement of this risk via cash flow forecasting.
Prospective resources estimate risks
Oil and gas resource estimates are expressions of judgement
based on knowledge, experience and industry practice. These
estimates may alter significantly or become uncertain when
new information becomes available and/or there are material
changes of circumstances which may result in the Company
altering its plans. This could have a positive or negative effect
on the Company’s operations. Other risks may affect the
resource estimate, for example, commodity price movements.
Environmental and social risks
The business of exploration, development and production,
involves a variety of risks which may impact the community
and the environment.
The Company’s exploration and development activities are
subject to local, state, and federal environmental laws and
regulations. Oil and gas exploration and development can be
potentially environmentally hazardous, giving rise to substantial
costs for environmental rehabilitation, damage control and losses.
The legal framework governing this area of law is complex and
constantly evolving. There is a risk that the environmental
regulations may become more onerous, making the Company’s
operations more expensive or causing delays.
It is the Company’s policy to conduct its activities to the highest
standard of environmental obligation. There is no assurance that
new environmental laws, regulations or stricter enforcement
policies, if implemented, will not oblige the Company to incur
significant expense and undertake significant investment,
which could have a material adverse effect on its business,
financial conditions and results of operations.
The long-term viability of the Company is closely associated
to the wellbeing of the communities and environments in
which the Company conduct operations. At any stage, the
Company’s operations and activities may have or be seen
to have significant adverse impacts on communities and
environments. In these circumstances, the Company may fail to
meet the evolving expectations of our stakeholders (including
investors, governments, employees, suppliers, customers and
community members) whose support is needed to realise our
strategy and purpose. This could lead to loss of stakeholder
support or regulatory approvals, increased taxes and regulation,
enforcement action, litigation or class actions, or otherwise
impact our licence to operate and adversely affect our
reputation, fund raising capability, ability to attract and retain
talent, operational continuity and financial performance.
Exploration and development risks
Exploration is a speculative activity with an associated risk of
discovery to find oil and gas in commercial quantities, and a risk
of development. If the Company is unsuccessful in locating and
developing or acquiring new reserves and resources that are
commercially viable, this may have a material adverse effect on
future business, results of operations and financial conditions.
Oil and gas exploration is a speculative endeavour and the
nature of the business carries a degree of risk associated with
failure to find hydrocarbons in commercial quantities or at all.
The Company utilises well-established prospect evaluation,
ranking methodologies and experienced personnel to manage
exploration and development risks.
3D Energi Limited | Annual Report 2025
35
Reliance on key personnel
The Company’s success depends to a significant extent upon
its key management personnel, as well as other management
and technical personnel including those employed on a
contractual basis. The loss of the services of such personnel
or the reduced ability to recruit additional personnel could
have an adverse effect on the performance of the Company.
The Company maintains a mixture of permanent staff and
expert consultants to advance its programs and ensure access
to multiple skill sets. The Company reviews remunerations to
human resources regularly.
IT system failure and cyber security risks
Any information technology system is potentially vulnerable
to interruption and/or damage from a number of sources,
including but not limited to computer viruses, cyber security
attacks and other security breaches, power, systems, internet
and data network failures, and natural disasters.
The Company is committed to preventing and reducing cyber
security risks through outsourced the IT management to a
reputable services provider.
Regulatory risk
The Company operates in a regulated environment and
complies with regulatory requirements. There is a risk that
regulatory approvals are withheld or take longer than expected,
or that unforeseen circumstances arise where requirements
may not be adequately addressed in the eyes of the regulator
and costs may be incurred to remediate perceived non-
compliance and/or obtain approval(s).
The Company’s business or operations may be impacted
by changes in personnel and Governments, or in monetary,
taxation and other laws in Australia or overseas.
The Company’s permits and activities may be subject to
extensive regulation by local, state and federal governments.
There is no assurance that future government policy will not
change, and this may adversely affect the long-term prospects
of the Company. Future changes in governments, regulations
and policies may have an adverse impact on the Company.
Significant changes in the state of affairs
On 18 December 2024, the Company issued 1,999,998 ordinary
fully paid shares at nil consideration in relation to the exercise of
vested performance rights that were issued to Directors in the
prior year.
On 16 May 2025, the Company announced that Korea National Oil
Corporation (KNOC) will enter joint ventures with 3D Energi and
ConocoPhilips Australia (COPA) in the Otway exploration permits
VIC/P79 and T/49P subject to regulatory approvals. COPA will
reduce their interest to 51% while 3D Energi’s interest will remain
at 20%. COPA will retain operatorship of the Joint Venture.
The entry of KNOC into this Joint Venture is subject to Foreign
Investment Review Board (FIRB) and other regulatory approvals.
There were no other significant changes in the state of affairs
of the Consolidated Entity during the financial period.
Matters subsequent to the end of the
financial year
No matter or circumstance has arisen since 30 June 2025
that has significantly affected, or may significantly affect
the Consolidated Entity's operations, the results of those
operations, or the Consolidated Entity's state of affairs in
future financial years.
Likely developments and expected results
from operations
The Consolidated Entity will continue to pursue its exploration
interest in
- T/49P in the Otway Basin, Offshore Tasmania in partnership
with ConocoPhillips Australia SH1 Pty Ltd;
- VIC/P79 in the Otway Basin, Offshore Victoria in partnership
with ConocoPhillips Australia SH2 Pty Ltd;
- WA-527-P in the Roebuck Basin, Western Australia; and
- GSEL759 in the Otway Basin, South Australia.
Environmental regulation
The Consolidated Entity holds participating interests in a
number of oil and gas areas. The various authorities granting
such tenements require the licence holder to comply with the
terms of the grant of the licence and all directions given to it
under those terms of the licence. There have been no known
breaches of the tenement conditions, and no such breaches
have been notified by any government agencies during the
year ended 30 June 2025.
36
Information on Directors
Name:
Mr Noel Newell
Title:
Executive Chairman
Qualifications:
B App Sc (App Geol)
Experience and expertise:
Noel Newell holds a Bachelor of Applied Science and has over 30 years' experience in the
oil and gas industry, with 21 years of this time with BHP Billiton and Petrofina. With these
companies Mr Newell has been technically involved in exploration of areas around the
globe, particularly South East Asia and all major Australian offshore basins. Prior to leaving
BHP Billiton in 2002, Mr Newell was Principal Geologist working within the Southern Margin
Company and primarily responsible for exploration within the Gippsland Basin.
Mr Newell has a number of technical publications and has co-authored Best Paper and
runner up Best Paper at the Australian Petroleum Production & Exploration Association
conference and Best Paper at the Western Australian Basins Symposium. Mr Newell is the
founder of 3D Energi. Immediately prior to starting 3D Energi, Mr Newell was a technical
advisor to Nexus Energy Limited and was directly involved in their move to explore in the
offshore of the Gippsland Basin.
Other current directorships:
None
Former directorships (last 3 years):
None
Special responsibilities:
None
Interests in shares:
46,369,153 ordinary fully paid shares
Interests in options:
None
Interests in rights:
333,334 performance rights
Name:
Mr Leo De Maria
Title:
Non-Executive Director
Experience and expertise:
Leo De Maria is a Chartered Accountant with extensive experience in company
management, financial management, mergers and acquisitions and risk management.
Other current directorships:
None
Former directorships (last 3 years):
None
Special responsibilities:
Chair of the Audit and Risk Committee and member of the Remuneration and Nomination
Committee
Interests in shares:
1,316,736 ordinary fully paid shares
Interests in options:
None
Interests in rights:
333,334 performance rights
3D Energi Limited | Annual Report 2025
37
Name:
Mr Ian Tchacos
Title:
Non-Executive Director
Experience and expertise:
Ian Tchacos is an oil and gas professional with over 30 years international experience in
corporate development and strategy, mergers and acquisitions, petroleum exploration,
development and production operations, decision analysis, commercial negotiation,
oil and gas marketing and energy finance. He has a proven management track record in
a range of international energy company environments.
Other current directorships:
ADX Energy Ltd
Former directorships (last 3 years):
None
Special responsibilities:
Member of the Audit and Risk Committee and Chair of the Remuneration and
Nomination Committee
Interests in shares:
428,500 ordinary fully paid shares
Interests in options:
None
Interests in rights:
1,000,000 performance rights
Name:
Trevor Slater
Title:
Non-Executive Director
Qualifications:
B.Bus (Acc), Fellow of CPA Australia, Fellow of the Governance Institute of Australia.
Experience and expertise:
Mr Slater has extensive experience in the development and operations of resource and
construction projects within Australia and overseas performing as a director or senior
executive in ASX listed or unlisted companies for over 30 years. Formerly, Mr Slater has
been a director and senior executive of listed producing developing and exploring oil and
gas companies in Australia and Internationally.
Mr Slater has also held senior roles in the development of oil and gas fields in the Timor
Sea and consulted widely in South-East Asia. He has also been extensively involved in the
development of significant resource projects including the Ballarat Gold Project where as
CFO, he assisted the Company in its initial exploration programs and project development.
Other current directorships:
None
Former directorships (last 3 years):
None
Special responsibilities:
Member of the Audit and Risk Committee and Remuneration and Nomination Committee
Interests in shares:
1,116,604 ordinary fully paid shares
Interests in options:
None
Interests in rights:
333,334 performance rights
‘'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships in all
other types of entities, unless otherwise stated.
'Former directorships (in the last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and
excludes directorships in all other types of entities, unless otherwise stated.
38
Company secretary
Name:
Mr Stefan Ross
Title:
Company Secretary
Qualifications:
BBus (Acc)
Experience and expertise:
Mr Ross has over 10 years of experience in accounting and secretarial services for
ASX listed companies. His extensive experience includes ASX compliance, corporate
governance control and implementation, statutory financial reporting, shareholder
meeting requirements, capital raising management, and board and secretarial support.
Stefan has a Bachelor of Business majoring in Accounting.
and appropriate for the results delivered. The framework aligns
executive reward with the achievement of strategic objectives
and the creation of value for shareholders, and conforms with
the market best practice for delivery of reward. The Board of
Directors ('the Board') ensures that executive reward satisfies
the following key criteria for good reward governance practices:
●
competitiveness and reasonableness
●
acceptability to shareholders
●
alignment of executive compensation
●
transparency
The Board is responsible for determining and reviewing
remuneration arrangements for its directors and executives.
The performance of the Consolidated Entity and the Company
depends on the quality of its directors and executives. The
remuneration philosophy is to attract, motivate and retain
high performance and high quality personnel.
The Board has structured an executive remuneration
framework that is market competitive and complementary
to the reward strategy of the Consolidated Entity.
The reward framework is designed to align executive reward
to shareholders' interests. The Board have considered that it
should seek to enhance shareholders' interests by:
● focusing on sustained growth in shareholder wealth,
consisting of dividends and growth in share price, and
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the
number of meetings attended by each Director were:
Board
Remuneration and
Nomination Committee
Audit and Risk Committee
Meetings
Held
Meetings
Attended
Meetings
Held
Meetings
Attended
Meetings
Held
Meetings
Attended
Mr N Newell
7
7
-
-
2
2
Mr L De Maria
7
7
-
-
2
2
Mr I Tchacos
7
6
-
-
2
2
Mr T Slater
7
7
-
-
2
2
Held: represents the number of meetings held during the time the Director held office.
Remuneration report (audited)
The remuneration report, which has been audited, outlines
the director and executive remuneration arrangements for
the Company, in accordance with the requirements of the
Corporations Act 2001 and its Regulations.
Key management personnel are those persons having
authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly,
including all Directors.
The remuneration report is set out under the following
main headings:
●
Principles used to determine the nature and
amount of remuneration
●
Details of remuneration
●
Service agreements
●
Share-based compensation
●
Additional information
●
Additional disclosures relating to key
management personnel
Principles used to determine the nature
and amount of remuneration
The objective of the Consolidated Entity's executive reward
framework is to ensure reward for performance is competitive
3D Energi Limited | Annual Report 2025
39
delivering constant or increasing return on assets as
well as focusing the executive on key non-financial
drivers of value
● attracting and retaining high calibre executives
Additionally, the reward framework should seek to enhance
executives’ interests by:
● rewarding capability and experience
● reflecting competitive reward for contribution
to growth in shareholder wealth
● providing a clear structure for earning rewards
In accordance with best practice corporate governance,
the structure of non-executive Director and executive
Director remuneration is separate.
Non-executive Directors remuneration
Fees and payments to non-executive directors reflect the
demands which are made on, and the responsibilities of,
the directors. Non-executive directors fees and payments
are reviewed annually by the Board.
ASX listing rules requires that the aggregate non-executive
directors remuneration shall be determined periodically by
a general meeting. The most recent determination was at
the Annual General Meeting held on 21 November 2012,
where the shareholders approved an aggregate remuneration
of $400,000.
Executive remuneration
The Consolidated Entity aims to reward executives with a
level and mix of remuneration based on their position and
responsibility, which are both fixed.
The executive remuneration and reward framework have
three components:
● base pay, annual leave, short term incentives
and non-monetary benefits
● share-based payments; and
● other remuneration such as superannuation
and long service leave
The combination of these comprises the executive’s total
remuneration.
Fixed remuneration, consisting of base salary, superannuation
and non-monetary benefits, are reviewed annually by the
Board, based on individual and business unit performance,
the overall performance of the Company and comparable
market remunerations.
Executives can receive their fixed remuneration in the form
of cash or other fringe benefits (for example motor vehicle
benefits) where it does not create any additional costs to
the Company and adds additional value to the executive.
All Executives are eligible to receive a base salary (which
is based on factors such as experience and comparable
industry information) or consulting fee. The Board reviews
the Executive Chairman's remuneration package, and
the Executive Chairman reviews the senior Executives'
remuneration packages annually by reference to the
Consolidated Entity's performance, executive performance
and comparable information within the industry. The chairman
is not present at any discussions relating to determination of
his/her own remuneration.
The performance of Executives is measured against
criteria agreed annually with each executive and is based
predominantly on the overall success of the Consolidated
Entity in achieving its broader corporate goals. Bonuses and
incentives are linked to predetermined performance criteria.
The Board may, however, exercise its discretion in relation to
approving incentives, bonuses, and options or performance
rights and can require changes to the Executive's remuneration.
This policy is designed to attract the highest calibre of
Executives and reward them for performance that results
in long-term growth in shareholder wealth.
All remuneration paid to Directors and Executives is valued
at its cost to the Consolidated Entity and expensed.
The long-term incentives ('LTI') includes long service leave and
share-based payments. Shares, options or performance rights
are awarded to executives on the discretion of the Board based
on long-term incentive measures. Options and performance
rights are valued using the Monte Carlo Simulation.
Consolidated Entity performance and link to remuneration
Commencing from 2021 financial year, Directors and
employees' remuneration packages have included
performance-based components. Performance rights may
be granted which offer the recipient the right, upon achieving
certain vesting conditions, to participate in the benefits
accruing to shareholders through the alignment of the terms
of the performance rights to the shareholders' interests.
During the year ended 30 June 2025 the Company granted
performance rights to eligible employees which are conditional
upon the achievement of a target share price and tenure of
employment. The intention of this program is to facilitate goal
congruence between Directors, Executives and employees
with that of the business and shareholders.
Generally, the executive's remuneration is tied to the
Consolidated Entity's successful achievement of certain key
milestones as they relate to its operating activities. There was
no performance-based remuneration to the Executive Director
during the year (30 June 2024: Nil).
Voting and comments made at the Company's
24 October 2024 Annual General Meeting ('AGM')
The Company received 99.98% of 'for' votes in relation to
its remuneration report for the year ended 30 June 2024,
during the AGM held on 24 October 2024. The Company
did not receive any specific feedback at the AGM regarding
its remuneration practices.
40
Details of remuneration
Amounts of remuneration
Details of the remuneration of the directors and other key management personnel (defined as those who have the authority and
responsibility for planning, directing and controlling the major activities of the Consolidated Entity) are set out in the following tables.
The key management personnel of the Consolidated Entity consisted of the following Directors of 3D Energi Limited:
● Mr Noel Newell
● Mr Ian Tchacos
● Mr Leo De Maria
● Mr Trevor Slater
Name
Short-term
benefits
Short-term
benefits
Post-
employment
benefits
Long-term
benefits
Equity settled
share based
payments
Salaries
and fees
Annual
leave(i)
Super-
annuation
Long service
leave
Performance
rights
Total
2025
$
$
$
$
$
$
Non-Executive Directors:
Mr I Tchacos
42,760
-
4,917
-
37,955
85,632
Mr L De Maria
40,724
-
4,683
-
37,955
83,362
Mr T Slater
40,724
-
4,683
-
37,955
83,362
Executive Directors:
Mr N Newell
344,988
(5,155)
29,932
8,471
37,955
416,191
469,196
(5,155)
44,215
8,471
151,820
668,547
Name
Short-term
benefits
Short-term
benefits
Post-
employment
benefits
Long-term
benefits
Equity settled
share based
payments
Salaries
and fees
Annual
leave(i)
Super-
annuation
Long service
leave
Performance
rights
Total
2024
$
$
$
$
$
$
Non-Executive Directors:
Mr I Tchacos
42,760
-
4,704
-
8,145
55,609
Mr L De Maria
40,724
-
4,480
-
8,145
53,349
Mr T Slater
40,724
-
4,480
-
8,145
53,349
Executive Directors:
Mr N Newell
344,988
2,094
27,500
9,831
8,145
392,558
469,196
2,094
41,164
9,831
32,580
554,865
(i) Employee leave benefits represent annual leave and long service leave entitlements, measured on an accrual basis, and reflects the net movement
in the entitlements over the year. Negative movement indicates leave taken that exceeds leave accrued during the year.
3D Energi Limited | Annual Report 2025
41
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Fixed remuneration
At-risk long term remuneration
2025
2024
2025
2024
Non-Executive Directors:
Mr I Tchacos
56%
85%
44%
15%
Mr L De Maria
54%
85%
46%
15%
Mr T Slater
54%
85%
46%
15%
Executive Directors:
Mr N Newell
91%
98%
9%
2%
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements.
Details of these agreements are as follows:
Name:
Mr Noel Newell
Title:
Executive Chairman
Agreement commenced:
1 November 2006
Details:
(i) Mr Newell may resign from his position and thus terminate this contract by giving
6 months written notice.
(ii) The Company may terminate this employment agreement by providing 6 months
written notice.
(iii) The Company may terminate the contract at any time without notice if serious
misconduct has occurred. Where termination with cause occurs, Mr Newell is only entitled
to that portion of remuneration which is fixed, and only up to the date of termination.
(iv) On termination of the agreement, Mr Newell will be entitled to be paid those
outstanding amount owing to him up until the Termination date.
Name:
Mr Ian Tchacos
Title:
Non-Executive Director
Agreement commenced:
14 October 2016
Details:
(i) Mr Tchacos may cease to hold office as a Director at any time if Mr Tchacos resigns
by written notice.
Name:
Mr Leo De Maria
Title:
Non-Executive Director
Agreement commenced:
1 October 2014
Details:
i) Mr De Maria may cease to hold office as a Director at any time if Mr De Maria resigns
by written notice.
42
Name:
Trevor Slater
Title:
Non-Executive Director
Agreement commenced:
15 November 2021
Details:
(i) Mr Slater may cease to hold office as a Director at any time if Mr Slater resigns
by written notice.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Issue of shares
There were no ordinary shares issued to directors and key management personnel as part of compensation during the year ended
30 June 2025 (30 June 2024: Nil).
Options
There were no options over ordinary shares issued to Directors and other key management personnel as part of compensation
that were outstanding as at 30 June 2025 (30 June 2024: Nil).
Performance rights
There were 2,000,002 performance rights over ordinary shares on issue to Directors as part of compensation that were
outstanding as at 30 June 2025 (30 June 2024: 4,000,000).
Grant date
Vesting date and
exercisable date
Expiry date
Share price
hurdle for
vesting
Fair value
per right
at grant date
22 December 2023
21 December 2026
21 December 2026
$0.070
$0.049
22 December 2023
21 December 2026
21 December 2026
$0.090
$0.045
22 December 2023
21 December 2026
21 December 2026
$0.110
$0.042
Performance rights granted carry no dividend or voting rights. No performance rights vested and were exercised during the year.
Additional information
The earnings of the Consolidated Entity for the five years to 30 June 2025 are summarised below:
2025
$
2024
$
2023
$
2023
$
2021
$
Other income including interest income
43,878
42,721
4,202,908
467
87,478
Net (loss)/profit before tax
(1,482,591)
(2,174,797)
3,414,258
(1,147,179)
(1,142,095)
Net (loss)/profit after tax
(1,482,591)
(2,174,797)
3,414,258
(1,147,179)
(1,142,095)
The factors that are considered to affect total shareholders return (‘TSR’) are summarised below:
2025
2024
2023
2022
2021
Share price at financial year start ($)
0.076
0.050
0.050
0.050
0.070
Share price at financial year end ($)
0.130
0.076
0.050
0.050
0.050
Basic (loss)/earnings per share
(cents per share)
(0.446)
(0.752)
1.287
(0.433)
(0.430)
3D Energi Limited | Annual Report 2025
43
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the Company held during the financial year by each Director and other members of key management
personnel of the Consolidated Entity, including their related parties, is set out below:
Balance at
the start of
the year
Received
as part of
remuneration
Additions
Disposals/
other
Balance at
the end of
the year
Ordinary shares
Mr N Newell
45,702,487
-
666,666
-
46,369,153
Mr L De Maria
650,070
-
666,666
-
1,316,736
Mr I Tchacos
428,500
-
-
-
428,500
Mr T Slater
449,938
-
666,666
-
1,116,604
47,230,995
-
1,999,998
-
49,230,993
Performance rights holding
The number of performance rights over ordinary shares in the Company held during the financial year by each Director of the
Consolidated Entity, including their related parties, is set out below:
Balance at
the start of
the year
Granted
Converted
to Shares
Balance at
the end of
the year
Performance rights over ordinary shares
Mr N Newell
1,000,000
-
(666,666)
333,334
Mr L De Maria
1,000,000
-
(666,666)
333,334
Mr I Tchacos
1,000,000
-
-
1,000,000
Mr T Slater
1,000,000
-
(666,666)
333,334
4,000,000
-
(1,999,998)
2,000,002
This concludes the remuneration report, which has been audited.
44
Shares under option
There were no unissued ordinary shares of 3D Energi Limited under option outstanding at the date of this report.
Shares issued on the exercise of options
There were no ordinary shares of 3D Energi Limited issued on the exercise of options during the year ended 30 June 2025
and up to the date of this report.
Shares under performance rights
Unissued ordinary shares of 3D Energi Limited under performance rights at the date of this report are as follows:
Grant date
Expiry date
Exercise
price
Number
under rights
5 March 2023
5 March 2026
$0.000
431,000
22 December 2023
21 December 2026
$0.000
2,000,002
2,431,002
No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate
in any share issue of the Company or of any other body corporate.
Shares issued on the exercise of performance rights
The following ordinary shares of 3D Energi Limited were issued during the year ended 30 June 2025 and up to the date of this
report on the exercise of performance rights granted:
Date performance rights granted
Exercise
Price
Number of
shares issued
22 December 2023
$0.000
1,999,998
3D Energi Limited | Annual Report 2025
45
Officers of the Company who are former partners
of RSM Australia Partners
There are no officers of the Company who are former partners
of RSM Australia Partners.
Auditor’s independence declaration
A copy of the auditor's independence declaration as required
under section 307C of the Corporations Act 2001 is set out
immediately after this Directors' report.
This report is made in accordance with a resolution of Directors,
pursuant to section 306(3)(a) of the Corporations Act 2001.
Auditor
RSM Australia Partners was appointed as Company’s auditor
in the previous year and continues in office in accordance with
section 327 of the Corporations Act 2001.
Rounding of amounts
3D Energi Limited is a type of Company that is referred to in
ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 and therefore the amounts contained in
this report and in the financial report have been rounded to the
nearest dollar.
Forward looking statements
This Financial Report includes certain forward-looking
statements that have been based on current expectations
about future acts, events and circumstances. These forward-
looking statements are, however, subject to risks, uncertainties
and assumptions that could cause those acts, events and
circumstances to differ materially from the expectations
described in such forward-looking statements.
These factors include, among other things, commercial and
other risks associated with the meeting of objectives and other
investment considerations, as well as other matters not yet
known to the Company or not currently considered material
by the Company.
This report is made in accordance with a resolution of Directors,
pursuant to section 298(2)(a) of the Corporations Act 2001.
On behalf of the Directors
Noel Newell
Executive Chairman
26 September 2025
Melbourne
Indemnity and insurance of officers
The Consolidated Entity has indemnified the directors of the
Company for costs incurred, in their capacity as a director,
for which they may be held personally liable, except where
there is a lack of good faith.
During the financial year, the Company paid a premium in
respect of a contract to insure the directors of the Company
against a liability to the extent permitted by the Corporations
Act 2001. The contract of insurance prohibits disclosure of
the nature of liability and the amount of the premium.
Indemnity and insurance of auditor
The Company has not otherwise, during or since the financial
year, indemnified or agreed to indemnify the auditor of the
Company or any related entity against a liability incurred by
the auditor.
During the financial year, the Company has not paid a premium
in respect of a contract to insure the auditor of the Company
or any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the
Corporations Act 2001 for leave to bring proceedings on behalf
of the Company, or to intervene in any proceedings to which
the Company is a party for the purpose of taking responsibility
on behalf of the Company for all or part of those proceedings.
Non-audit services
Details of the amounts paid or payable to the auditor for non-
audit services provided during the financial year by the auditor
are outlined in note 18 to the financial statements.
The Directors are satisfied that the provision of non-audit
services during the financial year, by the auditor (or by another
person or firm on the auditor's behalf), is compatible with the
general standard of independence for auditors imposed by
the Corporations Act 2001.
The Directors are of the opinion that the services as disclosed
in note 18 to the financial statements do not compromise
the external auditor's independence requirements of the
Corporations Act 2001 for the following reasons:
●
all non-audit services have been reviewed and approved
to ensure that they do not impact the integrity and
objectivity of the auditor; and
●
none of the services undermine the general principles
relating to auditor independence as set out in APES
110 Code of Ethics for Professional Accountants issued
by the Accounting Professional and Ethical Standards
Board, including reviewing or auditing the auditor's
own work, acting in a management or decision-making
capacity for the Company, acting as advocate for the
Company or jointly sharing economic risks and rewards.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 27, 120 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of 3D Energi Limited for the year ended 30 June 2025, I declare
that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii)
any applicable code of professional conduct in relation to the audit.
RSM AUSTRALIA PARTNERS
J S CROALL
Partner
Dated: 26 September 2025
Melbourne, Victoria
46
3D Energi Limited | Annual Report 2025
47
Delivering with discipline
In an environment where capital discipline is paramount, we’ve continued
to manage our resources responsibly. Every investment is aligned to our
long-term strategy. By maintaining a lean structure and targeting high-
impact outcomes, we are delivering value with efficiency and foresight •
FINANCIAL REPORTS
48
Note
Consolidated
2025
$
2024
$
Interest income
43,878
42,721
Expenses
Corporate expenses
(497,878)
(627,706)
Employment expenses
5
(836,692)
(764,233)
Occupancy expenses
(32,529)
(19,528)
Depreciation and amortisation expense
5
(85,170)
(92,537)
Impairment of exploration asset
(71,272)
(702,877)
Finance costs
5
(2,928)
(10,637)
Loss before income tax expense
(1,482,591)
(2,174,797)
Income tax expense
6
-
-
Loss after income tax expense for the year attributable to the owners of
3D Energi Limited
(1,482,591)
(2,174,797)
Other comprehensive income/(loss) for the year, net of tax
-
-
Total comprehensive loss for the year attributable to the owners of
3D Energi Limited
(1,482,591)
(2,174,797)
Cents
Cents
Basic (loss)/earnings per share
26
(0.446)
(0.752)
Diluted (loss)/earnings per share
26
(0.446)
(0.752)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes
Consolidated statement of profit or loss and other comprehensive income
For the year ended 30 June 2025
3D Energi Limited | Annual Report 2025
49
Note
Consolidated
2025
$
2024
$
Assets
Current assets
Cash and cash equivalents
7
718,949
3,157,805
Other receivables
21,620
10,319
Financial assets
8
93,577
93,577
Prepayments
56,334
50,897
Total current assets
890,480
3,312,598
Non-current assets
Property, plant and equipment
10,409
13,259
Right-of-use assets
9
-
80,802
Intangibles
18,008
19,923
Exploration and evaluation
10
9,089,897
8,105,119
Total non-current assets
9,118,314
8,219,103
Total assets
10,008,794
11,531,701
Liabilities
Current liabilities
Trade and other payables
11
194,659
283,425
Lease liabilities
13
-
96,267
Employee benefits
12
253,284
270,870
Total current liabilities
447,943
650,562
Non-current liabilities
Employee benefits
14,105
11,131
Total non-current liabilities
14,105
11,131
Total liabilities
462,048
661,693
Net assets
9,546,746
10,870,008
Equity
Issued capital
14
58,675,468
58,581,400
Reserves
108,932
43,669
Accumulated losses
(49,237,654)
(47,755,061)
Total equity
9,546,746
10,870,008
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
Consolidated statement of financial position
As at 30 June 2025
50
Issued
capital
Accumulated
losses
Reserves
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2023
55,483,678
(45,580,264)
1,823
9,905,237
Loss after income tax expense for the year
-
(2,174,797)
-
(2,174,797)
Other comprehensive income/(loss) for the year, net of tax
-
-
-
-
Total comprehensive income/(loss) for the year
-
(2,174,797)
-
(2,174,797)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs (note 14)
3,097,722
-
-
3,097,722
Share-based payments (note 27)
-
-
41,846
41,846
Balance at 30 June 2024
58,581,400
(47,755,061)
43,669
10,870,008
Issued
capital
Accumulated
losses
Reserves
Total equity
Consolidated
$
$
$
$
Balance at 1 July 2024
58,581,400
(47,755,061)
43,669
10,870,008
Loss after income tax expense for the year
-
(1,482,591)
-
(1,482,591)
Other comprehensive income/(loss) for the year, net of tax
-
-
-
-
Total comprehensive income/(loss) for the year
-
(1,482,591)
-
(1,482,591)
Transactions with owners in their capacity as owners:
Share-based payments (note 27)
-
-
161,061
161,061
Shares issued on exercise of options
95,800
-
(95,800)
-
Share issue transaction costs
(1,732)
-
-
(1,732)
Balance at 30 June 2025
58,675,468
(49,237,652)
108,930
9,546,746
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
Consolidated statement of changes in equity
For the year ended 30 June 2025
3D Energi Limited | Annual Report 2025
51
Note
Consolidated
2025
$
2024
$
Cash flows from operating activities
Payments to suppliers and employees (inclusive of GST)
(1,203,720)
(1,425,031)
Interest received
43,963
41,536
Interest on lease liabilities paid
(2,927)
(10,109)
Net cash used in operating activities
25
(1,162,684)
(1,393,604)
Cash flows from investing activities
Payments for exploration and evaluation
(1,193,312)
(1,667,682)
Payments for property, plant and equipment
-
(4,400)
Net cash used in investing activities
(1,193,312)
(1,672,082)
Cash flows from financing activities
Proceeds from issue of shares
14
-
3,305,000
Share issue transaction costs
(2,094)
(207,278)
Payment of principal element of lease liabilities
(96,271)
(94,290)
Net cash from/(used in) financing activities
(98,365)
3,003,432
Net decrease in cash and cash equivalents
(2,454,361)
(62,254)
Cash and cash equivalents at the beginning of the financial year
3,157,805
3,221,377
Effects of exchange rate changes on cash and cash equivalents
15,505
(1,318)
Cash and cash equivalents at the end of the financial year
7
718,949
3,157,805
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
Consolidated statement of cash flows
For the year ended 30 June 2025
52
Note 1. General information
The financial statements cover 3D Energi Limited as a
consolidated entity consisting of 3D Energi Limited and the
entities it controlled at the end of, or during, the year. The
financial statements are presented in Australian dollars, which
is 3D Energi Limited's functional and presentation currency.
3D Energi Limited is a listed public company limited by shares,
incorporated and domiciled in Australia. Its registered office
and principal place of business is:
Level 18
41 Exhibition Street
Melbourne VIC 3000
A description of the nature of the Consolidated Entity's
operations and its principal activities are included in the
Directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in
accordance with a resolution of Directors, on 26 September
2025. The Directors have the power to amend and reissue
the financial statements.
Note 2. Material accounting
policy information
These general-purpose financial statements have been
prepared in accordance with Australian Accounting Standards
and Interpretations issued by the Australian Accounting
Standards Board ('AASB') and the Corporations Act 2001, as
appropriate for for-profit oriented entities. These financial
statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards
Board ('IASB').
Historical cost convention
The financial statements have been prepared under the
historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the
use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of
applying the Consolidated Entity's accounting policies. The
areas involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are significant
to the financial statements, are disclosed in note 3.
Rounding of amounts
3D Energi Limited is a type of Company that is referred to in
ASIC Corporations (Rounding in Financial/Directors’ Reports)
Instrument 2016/191 and therefore the amounts contained in
this report and in the financial report have been rounded to the
nearest dollar.
Going concern
The financial report has been prepared on the going concern basis,
which assumes continuity of normal business activities and
the realisation of assets and the settlement of liabilities in the
ordinary course of business.
As disclosed in the financial statements, the Consolidated
Entity incurred a loss of $1,482,591 and net operating cash
outflows of $1,162,684 for year ended 30 June 2025. The
Consolidated Entity also invested $1,193,312 in exploration
and evaluation during the period.
The Consolidated Entity is required to fund the exploration
commitments as noted in note 20 in line with its interest in
the respective tenements.
These factors indicate a material uncertainty which may cast
significant doubt as to whether the consolidated entity will
continue as a going concern and therefore whether it will realise
its assets and extinguish its liabilities in the normal course of
business and at the amounts stated in the financial statements.
The Consolidated Entity is in the early development phase of
activities and has the ability to control the level of its operations
and hence the level of its expenditure over the next 12 months.
In considering the ability of the Consolidated Entity to continue
as a going concern the Directors considered the following matters:
• Raising capital by one of or a combination of the following:
placement of shares, rights issue, share purchase plan, etc;
• Meeting its obligations by either farm-out or partial sale
of the Consolidated Entity’s exploration interests; and
• Subject to negotiation and approval, minimum work
requirements may be varied or suspended, and/or
permits may be surrendered or cancelled.
Having assessed the potential uncertainties relating to the
Consolidated Entity’s ability to effectively fund exploration
activities and operating expenditures, the Directors believe
that the Consolidated Entity will continue to operate as a
going concern for the foreseeable future. The Directors
are therefore confident that the going concern basis of
preparation is appropriate as at the date of this report.
The financial statements does not include any adjustments
relating to the amounts or classification of recorded assets
or liabilities that might be necessary if the Consolidated Entity
does not continue as a going concern.
New or amended Accounting Standards and
Interpretations adopted
The Consolidated Entity has adopted all of the new or
amended Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') that
are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations
that are not yet mandatory have not been early adopted.
Notes to the consolidated financial statements
30 June 2025
3D Energi Limited | Annual Report 2025
53
Parent entity information
In accordance with the Corporations Act 2001, these financial
statements present the results of the Consolidated Entity only.
Supplementary information about the parent entity is
disclosed in note 22.
Principles of consolidation
The consolidated financial statements incorporate the assets
and liabilities of all subsidiaries of 3D Energi Limited ('Company'
or 'parent entity') as at 30 June 2025 and the results of all
subsidiaries for the year then ended. 3D Energi Limited and
its subsidiaries together are referred to in these financial
statements as the 'Consolidated Entity'.
Subsidiaries are all those entities over which the Consolidated
Entity has control. The Consolidated Entity controls an entity
when the Consolidated Entity is exposed to, or has rights to,
variable returns from its involvement with the entity and has
the ability to affect those returns through its power to direct
the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the
Consolidated Entity. They are de-consolidated from the date
that control ceases.
Intercompany transactions, balances and unrealised gains on
transactions between entities in the Consolidated Entity are
eliminated. Unrealised losses are also eliminated unless the
transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the
policies adopted by the Consolidated Entity.
The acquisition of subsidiaries is accounted for using the
acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as
an equity transaction, where the difference between the
consideration transferred and the book value of the share
of the non-controlling interest acquired is recognised
directly in equity attributable to the parent.
Where the Consolidated Entity loses control over a subsidiary,
it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any
cumulative translation differences recognised in equity.
The Consolidated Entity recognises the fair value of the
consideration received and the fair value of any investment
retained together with any gain or loss in profit or loss.
Income tax
The income tax expense or benefit for the period is the
tax payable on that period's taxable income based on the
applicable income tax rate for each jurisdiction, adjusted by
the changes in deferred tax assets and liabilities attributable to
temporary differences, unused tax losses and the adjustment
recognised for prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary
differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those
tax rates that are enacted or substantively enacted, except for:
• When the deferred income tax asset or liability arises from
the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the
time of the transaction, affects neither the accounting nor
taxable profits; or
• When the taxable temporary difference is associated with
interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary
differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those
temporary differences and losses.
The carrying amount of recognised and unrecognised deferred
tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer
probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised
deferred tax assets are recognised to the extent that it is
probable that there are future taxable profits available to
recover the asset.
Deferred tax assets and liabilities are offset only where there is
a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred
tax liabilities; and they relate to the same taxable authority
on either the same taxable entity or different taxable entities
which intend to settle simultaneously.
3D Energi Limited (the 'head entity') and its wholly-
owned Australian subsidiaries have formed an income tax
consolidated group under the tax consolidation regime. The
head entity and each subsidiary in the tax consolidated
group continue to account for their own current and deferred
tax amounts. The tax consolidated group has applied the
'separate taxpayer within group' approach in determining the
appropriate amount of taxes to allocate to members of the tax
consolidated group.
Joint operations
A joint operation is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to
the assets, and obligations for the liabilities, relating to the
arrangement. The Consolidated Entity has recognised its share
of jointly held assets, liabilities, revenues and expenses of joint
operations. These have been incorporated in the financial
statements under the appropriate classifications.
Exploration Expenditure
Exploration expenditure incurred is accumulated in respect of
each identifiable area of interest. These costs are only carried
forward in relation to each area of interest to the extent the
following conditions are satisfied:
54
(a) the rights to tenure of the area of interest are current; and
(b) at least one of the following conditions is also met:
(i) the exploration and evaluation expenditures are expected
to be recouped through successful development and
exploitation of the area of interest, or alternatively, by its
sale; or
(ii) exploration and evaluation activities in the area of interest
have not at the reporting date reached a stage which
permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves, and
active and significant operations in, or in relation to, the
area of interest are continuing.
Accumulated costs in relation to an abandoned area are written
off in full against profit in the year in which the decision to
abandon the area is made.
When production commences, the accumulated costs for
the relevant area of interest are amortised over the life of the
area according to the rate of depletion of the economically
recoverable reserves.
A regular review is undertaken of each area of interest to
determine the appropriateness of continuing to carry forward
cost in relation to that area of interest.
Costs of site restoration are provided over the life of the
facility from when exploration commences and are included
in the cost of that stage. Site restoration costs include the
dismantling and removal of mining plant, equipment and
building structures, waste removal, and rehabilitation of
the site in accordance with clauses of the mining permits.
Such costs have been determined using estimates of future
costs, current legal requirements and technology on an
undiscounted basis.
Any changes in the estimates for the costs are accounted
on a prospective basis. In determining the costs of site
restoration, there is uncertainty regarding the nature and
extent of the restoration due to community expectations
and future legislation. Accordingly the costs have been
determined on the basis that the restoration will be
completed within one year of abandoning the site.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset's carrying
amount exceeds its recoverable amount.
Recoverable amount is the higher of an asset's fair value less
costs of disposal and value-in-use. The value-in-use is the
present value of the estimated future cash flows relating to
the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that
do not have independent cash flows are grouped together to
form a cash-generating unit.
Leases
At inception of a contract, the Consolidated Entity assesses
whether a contract is, or contains, a lease. A contract is, or
contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Consolidated
Entity assesses whether:
• The contract involves the use of an identified asset – this may
be specified explicitly or implicitly and should be physically
distinct or represent substantially all of the capacity of a
physically distinct asset. If the supplier has a substantive
substitution right, then the asset is not identified;
• The Consolidated Entity has the right to obtain substantially
all of the economic benefits from use of the asset throughout
the period of use; and
• The Consolidated Entity has the right to direct the use of the
asset. The Consolidated Entity has this right when it has the
decision-making rights that are most relevant to changing
how and for what purpose the asset is used. In rare cases
where the decision about how and for what purpose the asset
is used is predetermined, the Consolidated Entity has the
right to direct the use of the asset if either:
- The Consolidated Entity has the right to operate the asset;
or
- The Consolidated Entity designed the asset in a way that
predetermine how and for what purpose it will be used.
At inception or on reassessment of a contract that contains
a lease component, the Consolidated Entity allocates the
consideration in the contract to each lease component on
the basis of their relative stand-alone prices. However, for
the leases of land and buildings in which it is a lessee, the
Consolidated Entity has elected not to separate non-lease
components and account for the lease and non-lease
components as a single lease component.
As a lessee
The Consolidated Entity recognises a right-of-use asset and
a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises
the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus
any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any
lease incentives received.
The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or
the end of the lease term. The estimated useful lives of right-
of-use assets are determined on the same basis as those of
property and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.
3D Energi Limited | Annual Report 2025
55
The lease liability is initially measured at the present value of
the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or,
if that rate cannot be readily determined, the Consolidated
Entity’s incremental borrowing rate. Generally, the
Consolidated Entity uses its incremental borrowing rate
as the discount rate.
Lease payments included in the measurement of the lease
liability comprise the following:
• Fixed payments, including in-substance fixed payments;
• Variable lease payments that depend on an index or a
rate, initially measured using the index or rate as at the
commencement date;
• Amounts expected to be payable under a residual value
guarantee; and
• The exercise price under a purchase option that the
Consolidated Entity is reasonably certain to exercise,
lease payments in an optional renewal period if the
Consolidated Entity is reasonably certain to exercise
an extension option, and penalties for early termination
of a lease unless the Consolidated Entity is reasonably
certain not to terminate early.
The lease liability is measured at amortised cost using the
effective interest method, It is remeasured when there is a
change in future lease payments arising from a change in an
index or rate, if there is a change in the Consolidated Entity’s
estimate of the amount expected to be payable under
a residual value guarantee, or if the Consolidated Entity
changes its assessment of whether it will exercise a
purchase, extension or termination option.
When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount
of the right-of-use assets, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been reduced
to zero.
Short-term leases and leases of low-value assets
The Consolidated Entity has elected not to recognise right-of-
use assets and lease liabilities for short-term leases that have a
lease term of 12 months or less and leases of low-value assets,
including IT equipment. The Consolidated Entity recognises the
lease payments associated with these leases as an expense on
a straight-line basis over the lease term.
Fair value measurement
When an asset or liability, financial or non-financial, is
measured at fair value for recognition or disclosure purposes,
the fair value is based on the price that would be received
to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement
date; and assumes that the transaction will take place either:
in the principal market; or in the absence of a principal market,
in the most advantageous market.
Fair value is measured using the assumptions that market
participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For
non-financial assets, the fair value measurement is based
on its highest and best use. Valuation techniques that are
appropriate in the circumstances and for which sufficient data
are available to measure fair value, are used, maximising the
use of relevant observable inputs and minimising the use of
unobservable inputs.
Note 3. Critical accounting judgements,
estimates and assumptions
The preparation of the financial statements requires
management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements.
Management continually evaluates its judgements and
estimates in relation to assets, liabilities, contingent liabilities,
revenue and expenses. Management bases its judgements,
estimates and assumptions on historical experience and
on other various factors, including expectations of future
events, management believes to be reasonable under the
circumstances. The resulting accounting judgements and
estimates will seldom equal the related actual results. The
judgements, estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts
of assets and liabilities (refer to the respective notes) within the
next financial year are discussed below.
Share-based payment transactions
The Consolidated Entity measures the cost of equity-settled
transactions with employees by reference to the fair value of
the equity instruments at the date at which they are granted.
The fair value is determined by using either the Hoadley Trading
& Investment Tools (“Hoadley”) ESO5 option valuation model
taking into account the terms and conditions upon which the
instruments were granted. The accounting estimates and
assumptions relating to equity-settled share-based payments
would have no impact on the carrying amounts of assets and
liabilities within the next annual reporting period but may
impact profit or loss and equity.
Recognition of deferred tax assets
Deferred tax assets are recognised for deductible temporary
differences only if the Consolidated Entity considers it is
probable that future taxable amounts will be available to utilise
those temporary differences and losses.
Employee benefits provision
As discussed in note 2, the liability for employee benefits
expected to be settled more than 12 months from the reporting
date are recognised and measured at the present value of
the estimated future cash flows to be made in respect of all
employees at the reporting date. In determining the present
value of the liability, estimates of attrition rates and pay
increases through promotion and inflation have been taken
into account.
56
Exploration and evaluation costs
Exploration and evaluation costs have been capitalised on the
basis that the Consolidated Entity will commence commercial
production in the future, from which time the costs will
be amortised in proportion to the depletion of the mineral
resources. Key judgements are applied in considering costs
to be capitalised which includes determining expenditures
directly related to these activities and allocating overheads
between those that are expensed and capitalised. In addition,
costs are only capitalised that are expected to be recovered
either through successful development or sale of the relevant
mining interest. The expectation of recovery of the costs
capitalised is based on the assumption that the Consolidated
Entity will be able to obtain adequate financing to allow the
continued exploration and subsequent development of areas
of interest by either successfully farming out a proportion of
existing permits or raising adequate capital in its own right.
To the extent that capitalised costs are determined not to be
recoverable in the future, they will be written off in the period
in which this determination is made. Significant judgement
is required by management when assessing each of area of
interest and therefore management's judgement carries the
risk of been misstated.
Note 4. Operating segments
AASB 8 requires operating segments to be identified on
the basis of internal reports about the components of the
Consolidated Entity that are regularly reviewed by the
chief decision maker in order to allocate resources to the
segment and to assess its performance. 3D Energi Limited
operates in the development of oil and gas within Australia.
The Consolidated Entity's activities are therefore classified
as one operating segment.
The chief decision makers, being the Board of Directors,
assess the performance of the Consolidated Entity as a
whole and as such through one segment.
Accounting policy for operating segments
Operating segments are presented using the 'management
approach', where the information presented in this financial
statements is on the same basis as the internal reports
provided to the Chief Operating Decision Makers ('CODM').
The CODM is responsible for the allocation of resources to
operating segments and assessing their performance.
3D Energi Limited | Annual Report 2025
57
Note 5. Expenses
Consolidated
2025
$
2024
$
Loss before income tax includes the following specific expenses:
Depreciation
Plant and equipment
(1,915)
(2,266)
Right-of-use assets
(80,805)
(88,155)
Total depreciation
(82,720)
(90,421)
Amortisation
Software
(2,450)
(2,116)
Total depreciation and amortisation
(85,170)
(92,537)
Superannuation contributions
(58,869)
(51,126)
Share based payments
(161,064)
(41,846)
Salaries, wages and other employment expenses
(616,759)
(671,261)
Total employment costs
(836,692)
(764,233)
Finance costs
Interest and finance charges paid/payable on lease liabilities
(2,928)
(10,637)
58
Note 6. Income tax expense
Consolidated
2025
$
2024
$
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense
(1,482,591)
(2,174,797)
Tax at the statutory tax rate of 25%
(370,648)
(543,699)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Permanent differences
40,571
10,679
Prior period adjustments
61,872
(62,125)
Amounts not brought to account as deferred tax assets
268,205
595,145
Income tax expense
-
-
Petroleum Resource Rent Tax
Petroleum Resource Rent Tax (PRRT) applies to petroleum projects in Australian onshore and offshore areas under the Petroleum
Resource Rent Tax Assessment Act 1987. PRRT is assessed on a project basis or production licence area and is levied on the taxable
profits of a petroleum project at a rate of 40%. Eligible expenditure incurred in relation to permits VIC/P57, VIC/P74, T/49P and
WA-527-P, attach to the permit and can be carried forward. Certain specified un-deducted expenditure is eligible for annual
compounding at set rates. The compound amount can be deducted against assessable receipts in future years.
The Company has not recognised a deferred tax asset with respect to the carried forward un-deducted expenditure.
Consolidated
2025
2024
Net deferred Tax Assets not recognised at 25% (30 June 2024: 25%)
Deferred tax assets not recognised comprises temporary differences attributable to:
Temporary differences relating to provisions, accruals, other
151,139
176,955
Exploration expenditure
(2,272,474)
(2,026,279)
Tax losses
16,252,793
15,712,577
Net deferred Tax Assets not recognised
14,131,458
13,863,253
The above potential tax benefit, which includes tax losses, for deductible temporary differences has not been recognised in the
statement of financial position as the recovery of this benefit is uncertain. The taxation benefits of tax losses and temporary
difference not brought to account and will only be recognised if:
(i) the Consolidated Entity derives future assessable income of a nature and of an amount sufficient to enable the benefit
from the deductions for the losses to be realised;
(ii) the Consolidated Entity continues to comply with the conditions for deductibility imposed by law; and
(iii) no change in tax legislation adversely affects the Company in realising the benefits from deducting the losses.
3D Energi Limited | Annual Report 2025
59
Note 7. Current assets – Cash and cash equivalents
Consolidated
2025
$
2024
$
Cash at bank
718,949
3,157,805
Accounting policy for cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
Note 8. Current assets – Financial assets
Consolidated
2025
$
2024
$
Short-term deposits
93,577
93,577
This amount relates to cash on deposit held with an original term to maturity greater than 3 months.
Note 9. Non-current assets – Right-of-use assets
The Consolidated Entity has a lease arrangement for office space. In June 2022, the lease was renewed for a three-year
period from 1 June 2022 to 31 May 2025 with no further option to extend. This note provides information for leases where the
Consolidated Entity is a lessee.
Lease terms are negotiated on an individual basis and may contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased
assets may not be used as security for borrowing purposes.
Consolidated
2025
$
2024
$
Office space – right-of-use
516,286
516,286
Less: Accumulated depreciation
(516,286)
(435,484)
-
80,802
Refer note 13 to these financial statements for the current and non-current lease liabilities. Depreciation expenses of right of use
assets and finance charges on lease liabilities are presented in note 5 to the financial statements.
The lease for the office space expired in May 2025 and currently the Company is on monthly lease arrangement. The Consolidated
Entity had no other short-term lease arrangements during the year ended 30 June 2025.
60
60
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Office space -
right-of-use
Total
Consolidated
$
$
Balance at 1 July 2023
168,957
168,957
Depreciation expense
(88,155)
(88,155)
Balance at 30 June 2024
80,802
80,802
Depreciation expense
(80,802)
(80,802)
Balance at 30 June 2025
-
-
Note 10. Non-current assets – Exploration and evaluation
Consolidated
2025
$
2024
$
Exploration and evaluation expenditure
9,089,897
8,105,119
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
Area of
interest
T/49P
Area of
interest
VIC/P74
Area of
interest
WA-527-P
Area of
interest
VIC/P79
Area of
interest
GSEL 759
Total
Consolidated
$
$
$
$
$
$
Balance at 1 July 2023
4,837,851
665,758
1,409,860
182,021
-
7,095,490
Additions during the year
707,485
37,119
261,809
625,608
80,485
1,712,506
Impairment of asset
-
(702,877)
-
-
-
(702,877)
Balance at 30 June 2024
5,545,336
-
1,671,669
807,629
80,485
8,105,119
Additions during the year
359,582
-
117,438
410,508
97,250
984,778
Balance at 30 June 2025
5,904,918
-
1,789,107
1,218,137
177,735
9,089,897
The exploration and evaluation assets relate to T/49P which is an offshore project in the Otway Basin in Tasmania, VIC/P79, an
offshore exploration permit in the Otway Basin in Victoria and WA-527-P in Western Australia. The recoverability of the exploration
and evaluation expenditure's carrying amounts is dependent on the successful development and commercial exploitation, or
alternatively the farm-out or sale, of the respective areas of interest.
The Consolidated Entity has carried out an impairment review of the carrying amount of its exploration expenditure in relation to
T/49P, WA-527-P and VIC/P79 following the end of the financial year as at 30 June 2025. Based on the review, no impairments
indicators were identified in relation the tenements.
3D Energi Limited | Annual Report 2025
61
Farm-out in the exploration and evaluation phase
The Consolidated Entity does not record any expenditure made by the farminee on its account. It also does not recognise any gain
or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously capitalised in relation to the
whole interest as relating to the partial interest retained. Any cash consideration received directly from the farminee is credited
against costs previously capitalised in relation to the whole interest with any excess accounted for by the farmor as a gain on
disposal. Please refer to note 24 for further information on the Consolidated Entity’s farm-out arrangements.
Accounting policy for exploration and evaluation assets
Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried
forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the
successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and
activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically recoverable
reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in
which the decision is made.
Note 11. Current liabilities – Trade and other payables
Consolidated
2025
$
2024
$
Trade payables
87,384
124,726
Sundry payables and accrued expenses
107,275
158,699
194,659
283,425
Refer to note 16 for further information on financial instruments.
Accounting policy for trade and other payables
These amounts represent liabilities for goods and services provided to the Consolidated Entity prior to the end of the financial year
and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts
are unsecured and are usually paid within 30 days of recognition.
Note 12. Current liabilities – Employee benefits
Consolidated
2025
$
2024
$
Annual leave
82,755
78,176
Long service leave
168,139
161,163
Employee benefits
2,390
31,531
253,284
270,870
Amounts not expected to be settled within the next 12 months
The current provision for long service leave includes all unconditional entitlements where employees have completed the required
period of service and also those where employees are entitled to pro-rata payments in certain circumstances. The entire amount
is presented as current, since the Company does not have an unconditional right to defer settlement.
62
Accounting policy for employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave, long service leave and accumulating sick leave
expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the
liabilities are settled. Non-accumulating sick leave is expensed to profit or loss when incurred.
Note 13. Lease liabilities
Consolidated
2025
2024
Lease liabilities
Current lease liabilities
-
96,267
Lease liability maturity analysis - contractual undiscounted cash flows
Consolidated
2025
2024
Less than one year
-
99,194
Lease liability finance costs
During the year ended 30 June 2025, the Consolidated Entity incurred interest charges of $2,928, as disclosed in note 5.
Lease liability outflows
During the year ended 30 June 2025 , lease liability related cash outflows was $96,271 as disclosed in the statement of cashflows.
Accounting policy for lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value
of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate
cannot be readily determined, the Consolidated Entity's incremental borrowing rate. Lease payments comprise of fixed payments
less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under
residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and
any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the
period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee;
lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made
to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.
3D Energi Limited | Annual Report 2025
63
Note 14. Equity – Issued capital
Consolidated
2025
Shares
2024
Shares
2025
$
2024
$
Ordinary shares – fully paid
333,473,555
331,473,557
58,675,468
58,581,400
Movements in ordinary share capital
Details
Date
Shares
$
Balance
1 July 2023
265,373,557
55,483,678
Issue of fully paid ordinary shares
23 February 2024
66,100,000
3,305,000
Capital Raising Costs
-
(207,278)
Balance
30 June 2024
331,473,557
58,581,400
Shares issued on exercise of Performance Rights
18 December 2024
1,999,998
95,800
Share issue transaction costs
30 June 2025
-
(1,732)
Balance
30 June 2025
333,473,555
58,675,468
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does
not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall
have one vote.
Capital risk management
The Company's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide
returns for shareholders and benefits for other stakeholders while achieving the exploration objectives.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as
total borrowings less cash and cash equivalents.
The Consolidated Entity would look to raise capital when an opportunity to invest in a business or Company was seen as value
adding relative to the current parent entity's share price at the time of the investment. The Company is not actively pursuing
additional investments in the short term as it continues to integrate and grow its existing businesses in order to maximise synergies.
The capital risk management policy remains unchanged from the 30 June 2024 Annual Report.
Accounting policy for issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
64
Note 15. Equity – Dividends
There were no dividends paid or declared during the current or previous financial year.
Note 16. Financial instruments
Financial risk management objectives
The Consolidated Entity's activities expose it to a variety of financial risks: liquidity risk, market risk (including foreign currency risk
and interest rate risk) and credit risk. The Consolidated Entity's overall risk management program focuses managing liquidity risk
and seeks to minimise potential adverse effects on the financial performance of the Consolidated Entity. The Consolidated Entity
uses different methods to measure different types of risk to which it is exposed. These methods include forecasting cash flows
to manage liquidity risk, sensitivity analysis in the case of interest rate and foreign exchange ageing analysis for credit risk.
Risk management is carried out by senior executives under policies approved by the Board of Directors ('the Board'). These policies
include identification and analysis of the risk exposure of the Consolidated Entity and appropriate procedures, controls and risk
limits. Senior executives, evaluates and manages the financial risks within the Consolidated Entity's operating units as per the
approved policies. Results are reported to the Board periodically.
Market risk
Foreign currency risk
The Consolidated Entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency
risk through foreign exchange rate fluctuations. The Consolidated Entity operates a US dollar bank account for the purpose of
transacting in US dollars. The transactions and balances denominated in US dollars are not material to these financial statements.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated
in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting.
AUD strengthened
AUD weakened
Consolidated - 2025
% change
Effect on
profit after tax
% change
Effect on
profit after tax
US dollar
10%
(3,299)
10%
3,299
AUD strengthened
AUD weakened
Consolidated - 2024
% change
Effect on
profit after tax
% change
Effect on
profit after tax
US dollar
10%
(62,623)
10%
62,623
Price risk
The Consolidated Entity is not exposed to any significant price risk.
Interest rate risk
The Consolidated Entity's only exposure to interest rate risk is in relation to deposits held. Movements in interest rates are not
material to the financial statements at the respective reporting dates.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Consolidated
Entity. The Consolidated Entity’s operations not resulted in material trade or other receivables at the reporting date. The credit
risk on liquid funds and financial instruments are limited because the counterparties are banks with high credit-ratings assigned by
international credit rating agencies. The Consolidated Entity measures credit risk on a fair value basis. The maximum exposure to
credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment of those
assets, as disclosed in the statement of financial position and notes to the financial statements. The Consolidated Entity does not
hold any collateral.
3D Energi Limited | Annual Report 2025
65
Liquidity risk
Liquidity risk is the risk that the Consolidated Entity will not be able to pay its debts as and when they fall due. The Consolidated
Entity has no borrowings at reporting date and the Directors ensure that the cash on hand is sufficient to meet the commitments
and the Consolidated Entity be able to pay debts as and when they become due and payable.
Operating cash flows are used to maintain and expand the Consolidated Entity’s assets. The Consolidated Entity manages liquidity
risk by monitoring forecast cash flows and ensuring that adequate cash and also through assessment of available funding to
identify risks to the cash position of the business.
Remaining contractual maturities
The following tables detail the Consolidated Entity's remaining contractual maturity for its financial instrument liabilities. The tables
have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial
liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual
maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Weighted
average
interest rate
1 year or less
Between 1 and
2 years
Between 2
and 5 years
Remaining
contractual
maturities
Consolidated - 2025
%
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other payables
-
194,659
-
-
194,659
Total non-derivatives
194,659
-
-
194,659
Weighted
average
interest rate
1 year or less
Between 1 and
2 years
Between 2
and 5 years
Remaining
contractual
maturities
Consolidated - 2024
%
$
$
$
$
Non-derivatives
Non-interest bearing
Trade and other payables
-
283,425
-
-
283,425
Interest-bearing - fixed rate
Lease liability
7.50%
99,194
-
-
99,194
Total non-derivatives
382,619
-
-
382,619
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade
receivables and trade payables are assumed to approximate their fair values due to their short-term nature. Where appropriate,
the fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest
rate that is available for similar financial instruments.
66
Note 17. Key management personnel disclosures
Directors
The following persons were Directors of 3D Energi Limited during the financial year:
● Mr Noel Newell
Executive Chairman
● Mr Ian Tchacos
Non-Executive Director
● Mr Leo De Maria
Non-Executive Director
● Mr Trevor Slater
Non-Executive Director
Compensation
The aggregate compensation made to Directors and other members of key management personnel of the Consolidated Entity
is set out below:
Consolidated
2025
$
2024
$
Short-term employee benefits
464,041
471,290
Post-employment benefits
44,215
41,164
Long-term benefits
8,471
9,831
Share-based payments
151,820
32,580
668,547
554,865
Note 18. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the
Company, and its network firms:
Consolidated
2025
$
2024
$
Audit or review of the financial statements
RSM Australia Partners (Audit and review fees)
63,000
63,000
Other services - RSM Australia Partners
Preparation of the tax return
10,600
22,055
Other taxation services
2,450
440
13,050
22,495
3D Energi Limited | Annual Report 2025
67
Note 19. Contingent liabilities
The Consolidated Entity provided a security deposit of $48,827 (30 June 2024: $48,827). The Consolidated Entity will forgo this
deposit if conditions of return are not met.
There were no other contingent liabilities as at 30 June 2025.
Note 20. Commitments
Consolidated
2025
$
2024
$
Exploration Licenses - Commitments for Expenditure
Committed at the reporting date but not recognised as liabilities, payable:
Within one year
23,060,000
50,000
Two to five years
-
3,060,000
23,060,000
3,110,000
In order to maintain current rights of tenure to exploration tenements, the Consolidated Entity is required to outlay rentals and to
meet the minimum work requirements and associated indicative expenditure of NOPTA. Minimum commitments may be subject
to renegotiation and with approval may otherwise be avoided by sale, farm out or relinquishment. These obligations are therefore
not provided for in the financial statements as payable.
WA-527-P
The Company holds 100% interest in the WA-527-P Exploration Permit, which covers 6,500km2 of the offshore Bedout Sub-basin.
The permit is currently in Year 3 of the primary term (Permit Year 1-3), which will end on 28 December 2025. The permit term will
end on 28 December 2028.
The acquisition and processing of 510km2 of 3D seismic data, the Sauropod MC3D seismic survey, forms a minimum work
commitment for the primary term (Years 1-3) work program. The commitment table above includes $3.06 million for indicative
expenditure in the Year 3 amount, which ends on 28 December 2025. The Company previously received regulatory approval for
the Sauropod 3D Environmental Plan (EP), which covered a two-year acquisition window extending from January-May (inclusive)
2024 or 2025. The Company intends to apply to the National Offshore Petroleum Titles Administrator (NOPTA) for a suspension
and extension of the primary term work program. Concurrently, the Company is updating the EP for resubmission to the National
Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).
Commitments from Year 4 onwards are confirmed on a year-by-year basis dependent on the Company agreeing to proceed.
If the Company was to proceed beyond year 4 in relation to WA-527-P, the current indicative expenditure commitment for
Years 4-6 is currently gross $30.8 million, and this would be occurring in years 2026-2028.
T/49P
The Consolidated Entity holds 20% interest in the T/49P Exploration Permit and ConocoPhillips Australia SH1 Pty Ltd (COPA) holds
80% interest in the Permit. COPA is Operator on behalf of the Joint Venture.
The T/49P work program is currently in Year 5 of the Secondary Term (ending 21 February 2025). Commitments in the Secondary
Term are confirmed on a year-by-year basis dependent on the Company agreeing to proceed. Year 6 has a commitment of one (1)
exploration well.
COPA has applied to the titles regulator (NOPTA) for a 24-month suspension and extension of the current Year 5 work program
commitment activities. The Year 5 work program has also been varied to include further seismic reprocessing and interpretation
work in support of prospect maturation and decision making around Phase 2 of the Otway Exploration Drilling Program.
The above commitments table excludes commitments for Joint Venture expenses under the terms of Joint Operating Agreement,
and the Company will contribute 10% of the Joint Venture's expenses. This will revert to 20% contribution in line with the Company’s
interest in the Exploration Permit after the fulfillment of COPA’s well carry obligations.
68
VIC/P79
The Consolidated Entity holds 20% interest in the VIC/P79 Exploration Permit and ConocoPhillips Australia SH2 Pty Ltd (COPA)
holds 80% interest in the Permit. COPA is the Operator on behalf of the Joint Venture.
Under the joint venture agreement, the Company will be carried for up to US$35 million towards gross well costs, above which
it will contribute 20% of costs in line with its interest in the Exploration Permit. The rig has been contracted by a consortium of
companies and has arrived in the Otway. Based on the current schedule, drilling will begin in October 2025.
On 24 June 2024, the Company announced a consolidation of COPA’s farmout obligations to allow the US$30 million T/49P well
carry obligation to be applied to either T/49P or VIC/P79. This option has been exercised and the T/49P US$30 million well carry
has been transferred to a second well in the VIC/P79 exploration permit, scheduled for drilling in late 2025. The Company’s net
commitment for well activities over the next 12 months, beyond the combined US$65 million gross well carry, is estimated to
be AUD $20 million, which is reflected in the above commitment note on the expectation that COPA will undertake to drill one (1)
exploration well as required by the Permit's Primary Term minimum work commitment.
Note 21. Related party transactions
Parent entity
3D Energi Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 23.
Joint operations
Interests in joint operations are set out in note 24.
Key management personnel
Disclosures relating to key management personnel are set out in note 17 and the remuneration report included in the
Directors' report.
Transactions with related parties
During the year, the Company paid $66,527 for consulting services to NB Resources Ltd, an entity associated with Mr T Slater,
a Non-Executive Director of the Company.
There were no other transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
3D Energi Limited | Annual Report 2025
69
Note 22. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Parent
2025
$
2024
$
(Loss)/profit after income tax
(1,482,591)
(2,174,797)
Total comprehensive income/(loss)
(1,482,591)
(2,174,797)
Statement of financial position
Parent
2025
$
2024
$
Total current assets
890,425
3,312,542
Total assets
7,257,293
8,780,198
Total current liabilities
447,943
650,561
Total liabilities
462,048
661,692
Equity
Issued capital
58,675,468
58,581,400
Share-based payments reserve
108,932
43,669
Accumulated losses
(51,989,155)
(50,506,563)
Total equity
6,795,245
8,118,506
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June 2024.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.
Capital commitments - Property, plant and equipment
Other than the commitments disclosed in note 20, the parent entity had no capital commitments for property,
plant and equipment as at 30 June 2025 and 30 June 2024.
Material accounting policy information
The accounting policies of the parent entity are consistent with those of the Consolidated Entity, as disclosed in note 2,
except for the following:
• Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
• Investments in associates are accounted for at cost, less any impairment, in the parent entity.
• Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator
of an impairment of the investment.
• Significant estimates and judgement - recoverability of loan to subsidiary. No objective indicators of impairment as the current
best estimates of potential resources indicate a quantity of oil/gas that would allow recovery of the amount due in full.
70
Note 23. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiary in accordance with
the accounting policy described in note 2:
Ownership interest
Name
Principal place of business /
Country of incorporation
2025
$
2024
$
3D Oil T49P Pty Ltd
Australia
100.00%
100.00%
Note 24. Interests in joint operations
The Consolidated Entity has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations.
These have been incorporated in the financial statements under the appropriate classifications. Information relating to joint
operations that are material to the Consolidated Entity are set out below:
Ownership interest
Name
Principal place of business /
Country of incorporation
2025
$
2024
$
T/49P, Otway Basin, offshore Tasmania
Australia
20.00%
20.00%
VIC/P79, Otway Basin, offshore Victoria
Australia
20.00%
20.00%
Note 25. Reconciliation of loss after income tax to net cash used in
operating activities
Consolidated
2025
$
2024
$
Loss after income tax expense for the year
(1,482,591)
(2,174,797)
Adjustments for:
Depreciation and amortisation
85,170
93,065
Share-based payments
161,064
41,846
Impairment of exploration and evaluation
-
702,878
Unrealised gain on foreign currency translation
(15,505)
1,318
Change in operating assets and liabilities:
Decrease/(increase) in other receivables
49,352
(1,590)
Increase in prepayments
(5,438)
(9,895)
Increase/(decrease) in trade and other payables
27,208
(84,385)
Increase in employee benefits
18,056
37,956
Net cash used in operating activities
(1,162,684)
(1,393,604)
3D Energi Limited | Annual Report 2025
71
Note 26. Loss per share
Consolidated
2025
$
2024
$
Loss after income tax attributable to the owners of 3D Energi Limited
(1,482,591)
(2,174,797)
Number
Number
Weighted average number of ordinary shares used in calculating basic loss per share
332,542,049
289,212,901
Weighted average number of ordinary shares used in calculating diluted loss
per share
332,542,049
289,212,901
Cents
Cents
Basic (loss)/earnings per share
(0.446)
(0.752)
Diluted (loss)/earnings per share
(0.446)
(0.752)
Accounting policy for earnings loss per share
Basic loss per share
Basic loss per share is calculated by dividing the loss attributable to the owners of 3D Energi Limited, excluding any costs of
servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial
year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted loss per share
Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account the after income
tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number
of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
72
Note 27. Share-based payments
On 5 May 2023, the Company issued 431,000 Performance Rights to eligible employees at nil exercise price, subject to certain
vesting conditions set out in the corresponding invitation letter in accordance with the Company's Equity Incentive Plan. The
Performance Rights vest subject to both the 5-day VWAP being equal to or greater than $0.07 (7 cents), at any time between
grant and 9 March 2026, and continued employment up until 9 March 2026.
On 22 December 2023, the Company issued 4,000,000 performance rights to directors of the Company. These performance
rights were approved by the Shareholders at the 2023 Annual General Meeting held on 24 November 2023. The Performance
Rights were issued for Nil consideration as remuneration and are subject to various vesting conditions. The Performance Rights
expire on 21 December 2026.
2025
Grant date
Expiry date
Exercise
price
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
09/03/2023
09/03/2026
$0.000
431,000
-
-
-
431,000
22/12/2023
21/12/2026
$0.000
4,000,000
-
(1,999,998)
-
2,000,002
4,431,000
-
(1,999,998)
-
2,431,002
2024
Grant date
Expiry date
Exercise
price
Balance at
the start of
the year
Granted
Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
09/03/2023
09/03/2026
$0.000
431,000
-
-
-
431,000
22/12/2023
21/12/2026
$0.000
-
4,000,000
-
-
4,000,000
431,000
4,000,000
-
-
4,431,000
The weighted average remaining contractual life of performance rights at 30 June 2025 is 1.5 years.
Accounting policy for share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering
of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by
reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
Geometric Brownian Motion model and Monte Carlo simulation model.
The option pricing model that takes into account the exercise price, the share hurdle price, the impact of dilution, the share price at
grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term
of the option, together with non-vesting conditions that do not determine whether the Consolidated Entity receives the services that
entitle the employees to receive payment.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period.
The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of
awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the
cumulative amount calculated at each reporting date less amounts already recognised in previous periods.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market conditions are
considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied.
3D Energi Limited | Annual Report 2025
73
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional
expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based
compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Consolidated Entity or employee, the failure to satisfy the condition is treated
as a cancellation. If the condition is not within the control of the Consolidated Entity or employee and is not satisfied during the vesting
period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is
recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated
as if they were a modification.
Note 28. Events after the reporting period
No matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the
Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future financial
years.
Consolidated entity disclosure statement
As at 30 June 2025
Entity name
Entity type
Place formed /
Country of
incorporation
Ownership
interest
%
Tax
residency
3D Energi Limited
Body Corporate
Australia
-
Australian
3D Oil T49P Pty Ltd
Body Corporate
Australia
100.00%
Australian
Directors’ declaration
30 June 2025
In the Directors' opinion:
• the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards,
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
• the attached financial statements and notes comply with International Financial Reporting Standards as issued by
the International Accounting Standards Board as described in note 2 to the financial statements;
• the attached financial statements and notes give a true and fair view of the Consolidated Entity's financial position
as at 30 June 2025 and of its performance for the financial year ended on that date;
• there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due
and payable; and
• the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
Noel Newell
Executive Chairman
26 September 2025
Melbourne
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the
RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 27, 120 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 (0) 3 9286 8000
F +61 (0) 3 9286 8199
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of 3D Energi Limited
REPORT ON THE AUDIT OF THE FINANCIAL REPORT
Opinion
We have audited the financial report of 3D Energi Limited (the Company), and its subsidiaries (the Group), which
comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit
or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the year then ended, and notes to the financial statements, including material
accounting policy information, the consolidated entity disclosure statement and the directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act 2001,
including:
(i)
giving a true and fair view of the Group's financial position as at 30 June 2025 and of its financial
performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of
our report. We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's
APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report, which indicates that the Group incurred a loss of $1,482,591
and net cash operating cash outflows of $1,162,684 during the year ended 30 June 2025. As stated in Note 2,
these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty
exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
74
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have
determined the matters described below to be the key audit matters to be communicated in our report.
Key Audit Matter
How our audit addressed this matter
Valuation of Exploration and Evaluation Assets
Refer to Note 11 in the financial statements
At 30 June 2025, the carrying value of the Group’s
capitalised exploration and evaluation assets amounted
to $9.09m. This balance represents 90% of the total
assets of the Group as at that date.
We determined this to be a key audit matter due to the
significance of these assets in the statement of financial
position. There are also significant management
estimates and judgements involved in assessing the
carrying value in accordance with AASB 6 Exploration
for and Evaluation of Mineral Resources (‘AASB 6’),
including:
•
Determination of whether expenditure can be
associated with the exploration for and evaluation of
mineral resources, and the basis on which that
expenditure is allocated to a specific area of interest
in accordance with AASB 6;
•
Assessment of the Group's ability and intention to
continue to explore the identified areas of interest;
•
Assessment as to whether any indicators of
impairment exist, and if so, the judgements applied
to determine and quantify any impairment loss; and
•
Assessment as to whether the exploration activities
have progressed to the stage at which the existence
of an economically viable mineral reserve may be
determined, and if so, whether the carrying value of
exploration
and
evaluation
expenditures are
expected to be recouped through successful
development and exploitation, or sale, of the area of
interest.
Our audit procedures included the following:
•
Obtaining an understanding of the Group’s
accounting policies and assessing compliance
with AASB 6;
•
Obtaining evidence to verify that the Group’s
rights to explore in the specific areas of interest
are current and valid at the reporting date;
•
Agreeing a sample of the additions to capitalised
exploration assets to supporting documentation,
to confirm they were capitalised in line with the
measurement and other criteria of the Group’s
accounting policy and AASB 6;
•
Critically
assessing
and
evaluating
management’s assessment that no indicators of
impairment existed as at 30 June 2025 per the
requirements of AASB 6, and reviewing the
assessment for reasonableness with internal
and external sources of information;
•
Holding discussions with, and making inquiries
of, the Group’s management team, reviewing the
Group's
business
and
financial
strategy,
reviewing ASX announcements, minutes of
directors’
meetings
and
other
relevant
documentation;
•
Confirming the existence of plans to determine
that the Group will incur substantive expenditure
on further exploration for and evaluation of
mineral resources in the specific areas of
interest;
•
Collating the results of our inquiries with
management, and review of budgets, cash flow
forecasts and other available information, to
confirm the Group's intention to carry out
significant exploration and evaluation activity in
the specific areas of interest; and
•
Evaluating the related disclosures included in
the financial report for their adequacy and
completeness and consistency with accounting
standards.
75
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the Group's annual report for the year ended 30 June 2025, but does not include the financial report and the
auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial report or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b.
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view
and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf This
description forms part of our auditor's report.
76
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors' report for the year ended 30 June 2025.
In our opinion, the Remuneration Report of 3D Energi Limited, for the year ended 30 June 2025, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration Report
in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the
Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.
RSM AUSTRALIA PARTNERS
J S CROALL
Partner
Dated: 26 September 2025
Melbourne, Victoria
77
78
Shareholder information
30 June 2025
The shareholder information set out below was applicable as at 23 September 2025.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
Ordinary
shares
Ordinary
shares
Number
of holders
% of total
shares
issued
total
shares
issued
Number of
performance
holders
%
performance
rights
Number of
performance
rights
1 to 1,000
51
0.00
13,170
-
-
-
1,001 to 5,000
129
0.14
453,048
-
-
-
5,001 to 10,000
141
0.36
1,202,589
-
-
-
10,001 to 100,000
520
6.65
22,184,529
1
3.54
86,000
100,001 and over
313
92.85
309,620,219
5
96.46
2,345,002
1,154
100.00
333,473,555
6
100.00
2,431,002
Holding less than a
marketable parcel
52
0.004
14,270
-
-
-
3D Energi Limited | Annual Report 2025
79
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
Ordinary shares
Number held
% of total
shares issued
MR NOEL NEWELL
38,604,620
11.58
OCEANIA HIBISCUS SDN BHD\C
30,963,000
9.28
TREASURY SERVICES GROUP PTY LTD
12,881,094
3.86
MR JOHN PHILIP DANIELS
12,431,816
3.73
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
8,174,968
2.45
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
7,364,643
2.21
BILL HOPPER
6,475,000
1.94
NORTHERN BUSINESS PLANNING CENTRE PTY LTD
5,995,874
1.80
SENESCHAL (WA) PTY LTD
5,414,778
1.62
BNP PARIBAS NOMS PTY LTD
5,091,462
1.53
MR PAUL FITZGIBBON DUKE
5,034,411
1.51
SANLIRRA PTY LTD
5,000,000
1.50
EQUITY TRUSTEES LIMITED
4,804,820
1.44
MR TAI TRAN
4,500,000
1.35
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
4,238,895
1.27
CITICORP NOMINEES PTY LIMITED
3,792,868
1.14
PENGOLD PTY LTD
3,714,000
1.11
MR CHRISTOPHER HALL
3,100,000
0.93
MR RICHARD JOHN LOVERIDGE + MRS KATRINA LOVERIDGE
3,071,419
0.92
NAIDU SUPER INVESTMENTS PTY LTD
2,837,500
0.85
173,491,168
52.03
Unquoted equity securities
Number
on issue
Number
of holders
Performance rights over ordinary shares issued
2,431,002
6
80
Substantial holders
Substantial holders in the Company are set out below:
Ordinary shares
Number held
% of total
shares issued
Noel Newell
45,345,960
13.68
Oceania Hibiscus SDN BHD
30,963,000
9.34
Treasury Services Group Pty Ltd (ACN 123 878 384) ATF Nero Resource Fund;
Nero Resource Fund Pty Ltd (ACN 143 456 017)
20,300,000
6.12
*Indicative relevant interest in shares based on number of voting securities recorded as at the date of their last substantial shareholder notice lodged with ASX.
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
All issued shares carrying voting rights on a one-for-one basis.
Performance rights
There are no voting rights attached to performance rights.
There are no other classes of equity securities.
Corporate Governance Statement
The Company’s 2025 Corporate Governance Statement
is available on the Company’s website at:
https://3denergi.com.au/company/corporate-governance/
Annual General Meeting
3D Energi Limited advises that its Annual General Meeting
will be held on Wednesday, 19 November 2025. The time and
other details relating to the meeting will be advised in the
Notice of Meeting to be sent to all shareholders and released
to ASX in due course. In accordance with the ASX Listing Rules
and the Company’s Constitution, the closing date for receipt
of nominations for the position of Director are required to be
lodged at the registered office of the Company by 5.00pm
(AEDT) on Wednesday, 8 October 2025.
Petroleum Tenement Holdings
Beneficial
interest
%
VIC/P79 Offshore Otway Basin, VIC
20.00%
T/49P Offshore Otway Basin, TAS
20.00%
WA-527-P Offshore Roebuck Basin, WA
100.00%
GSEL759 Otway Basin, SA
100.00%
81
3D Energi Limited | Annual Report 2025
82
Corporate
directory
Directors
Noel Newell (Executive Chairman)
Ian Tchacos (Non-Executive Director)
Leo De Maria (Non-Executive Director)
Trevor Slater (Non-Executive Director)
Company secretary
Stefan Ross
Registered office
Level 18, 41 Exhibition Street
Melbourne, VIC 3000
Telephone: +61 3 9650 9866
Principal place of business
Level 18, 41 Exhibition Street
Melbourne, VIC 3000
Telephone: +61 3 9650 9866
Share register
Computershare Investor Services Pty Limited
452 Johnston Street
Abbotsford, Victoria 3067
Telephone: 1300 850 505 (within Australia)
Telephone: +61 3 9415 4000 (outside Australia)
Auditor
RSM Australia Partners
Level 21, 55 Collins Street
Melbourne, Victoria 3000
Stock exchange listing
3D Energi Limited securities are listed on the
Australian Securities Exchange (ASX Code: TDO)
Website
www.3denergi.com.au
Term
Definition
2D seismic
Two-dimensional seismic
3D seismic
Three-dimensional seismic
BCF
Billion Cubic Feet
CO2
Carbon Dioxide
DHI
A Direct Hydrocarbon Indicator
An anomalous seismic amplitude value that could be explained by the presence of hydrocarbon. Examples
include AVO, flat spots and bright amplitudes or “amplitude anomalies” (conforming with the trap).
Refer to Flat spot definition for additional information.
Flanagan 3D
974km2 3D seismic survey acquired in 2014 and reprocessed by the Joint Venture in 2024.
Flat Spot
A seismic anomaly that appears as a horizontal reflection cutting across inclined rock layers. It represents
a hydrocarbon contact between either gas and oil, gas and water, or oil and water. It is a form of Direct
Hydrocarbon Indicator.
La Bella Complex
A series of leads and prospects extending west of the La Bella gas discovery, including Defiance,
Trident, Rosetta and Monarch.
La Bella 3D
886km2 3D seismic survey acquired in 2013 and reprocessed by the Joint Venture in 2024.
MMbbls
Millions of barrels (1,000,000 barrels)
Joint Venture
The joint ventures formed pursuant to finalised farmout agreements announced on 11 June 2020
(T/49P) and 16 March 2023 (VIC/P79) by and between 3D Oil T49P Pty Limited and ConocoPhillips
Australia SH1 Pty Ltd; and 3D Energi Limited and ConocoPhillips Australia SH2 Pty Ltd, respectively.
Operator
Company responsible for the exploration, development and production of a petroleum title.
Primary term
The first 3 years of a work program for a petroleum exploration title. This forms the minimum work commitment.
Prospect(s)
A prospect is a potential trap/structure that may contain hydrocarbons, usually defined on 3D seismic,
and has undergone significant geological and seismic investigation to evaluate the petroleum system.
Prospective
Resources
Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by
the application of a future development project(s) relate to undiscovered accumulations. These estimates
have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is
required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
Reservoir
A porous and permeable formation of sedimentary rock, typically a sandstone or limestone.
Regia 3D
Planned 3D seismic survey (≥1000km2) over northern VIC/P79.
Sauropod 3D
Planned 3D seismic survey with an approved Environmental Plan for 3447km2 over WA-527-P
exploration permit. Approved seismic acquisition window covers January-May 2025 inclusive.
Seabed Survey
Seabed surveys are different from a seismic survey. They are designed specifically to map the seabed
and directly below the seabed (up to approximately 100 metres), whereas seismic surveys are designed
to image the subsurface up to several kilometres below the seabed. Sound generated from seabed survey
equipment is significantly lower in intensity and duration than sound produced from a seismic array.
Seal
A layer of impermeable rock, called the cap rock, the prevents the upwards or lateral escape
of hydrocarbons.
Secondary term
Permit years 4, 5 and 6 for a petroleum exploration title. The work commitment for each year becomes
guaranteed on entry.
Semi-submersible
A specialised offshore drilling rig with a platform type deck that is buoyant and floats during operations
on partially submerged (ballasted) watertight pontoons that are stable and capable of withstanding rough
water conditions.
Sequoia 3D
1815km2 3D seismic survey acquired over T/49P exploration permit in 2021.
Glossary
Level 18, 41 Exhibition Street
Melbourne, VIC 3000
Telephone: +61 3 9650 9866
3denergi.com.au