3D Energi Limited (ASX: TDO), an oil and gas exploration company with high-impact projects in offshore Victoria and Western Australia, today announced the independent expert determination of the Fair Market Value (FMV) for its 20% participating interest in the VIC/P79 exploration permit. Independent expert RISC Advisory has determined this interest to be valued at US$19.8 million, equivalent to approximately A$28.6 million, as of the default date of 6 February 2026. This valuation comes amidst ongoing discussions with joint venture partner ConocoPhillips Australia SH2 Pty Ltd regarding a potential buy-out process.
RISC Advisory’s valuation comprises two key components. A sum of US$13.0 million is attributed to 3D Energi’s 20% share in the Essington Gas Discovery, which was calculated based on an unrisked post-tax NPV10 of US$25.4 million, then risked using a 51% Chance of Development. The remaining US$6.8 million accounts for 3D Energi’s share of the broader exploration value within the VIC/P79 permit, encompassing areas such as the Regia and Charlemont clusters. The independent expert’s determination is considered final and binding on the parties under the Joint Operating Agreement, provided ConocoPhillips’ buy-out notice was validly issued.
Following this determination, ConocoPhillips has a 30-day window, until September 24, 2026, to exercise its right to acquire 3D Energi’s interest for the US$19.8 million FMV, subject to deductions for any relevant default claims, applicable interest, and a discount factor as per the Joint Operating Agreement. As of this announcement, ConocoPhillips has not yet exercised this right. 3D Energi has reiterated its concerns regarding the validity of the initial default notices and the subsequent buy-out notice issued by ConocoPhillips, and has expressly reserved all its rights in relation to these matters. Furthermore, the 3D Energi Board stated its view that the determined US$19.8 million FMV materially undervalues its 20% interest in VIC/P79.
