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An update from 3D Oil Limited ( (AU:TDO) ) is now available.
3D Energi Limited has successfully raised $9.4 million through a share placement to fund the drilling of the Essington-1 well, part of a two-well exploration campaign in the VIC/P79 area. The capital raise was supported by new domestic institutional investors and existing shareholders, ensuring the company is well-funded for its exploration activities. The drilling of Essington-1 is expected to commence in mid-October and is targeting a significant gas resource, which could address a growing gas market shortfall. The outcome of this drilling could influence future funding and operations, highlighting its importance to the company’s strategic objectives.
More about 3D Oil Limited
3D Energi Limited is a company operating in the energy sector, focusing on exploration and development of gas resources. The company is involved in joint ventures with partners such as ConocoPhillips and KNOC, and is engaged in drilling campaigns to tap into gas prospects, particularly in the Otway Basin.
Average Trading Volume: 266,201
Technical Sentiment Signal: Buy
Current Market Cap: A$50.02M
Learn more about TDO stock on TipRanks’ Stock Analysis page.