3D Oil Limited announced an upgrade to the VIC/P79 prospective resources released to the market on 8th June 2022 and the inclusion of several new leads, having progressed subsurface maturation efforts. Highlights: Subsurface maturation has enabled an update to the existing leads and prospects portfolio; Six (6) near-field leads are identified on the La Bella 3D, most with amplitude support and/or flat spots, with a combined best estimate prospective resource of 533 Bcf (in-permit recoverable); Essington Prospect (formerly Vanguard) prospective resource upgrade from 161 Bcf to 246 Bcf recoverable best estimate; Reprocessing of the La Bella 3D has commenced and will take 8-10 months; Ongoing 3D seismic activities will enable maturation of leads, including Monarch and Rosetta, prior to the late 2024/2025 drilling campaign. VIC/P79 covers an area of 2,576 km2 within the offshore Otway Basin and contains the highly prospective Essington Prospect (formerly Vanguard), located adjacent to the largest gas fields in the basin, including Geographe and Thylacine.

The La Bella gas discovery lies along the northeast margin of the permit, up-dip from amplitude supported leads Defiance and Trident. On 21 October 2022 TDO announced the signing of a Joint Operating Agreement (JOA) for the farmout of an 80% interest in VIC/P79 to ConocoPhillips Australia SH2 Pty Ltd. TDO retains 20% participating interest and operatorship will be transferred to ConocoPhillips Australia upon final regulatory approval, anticipated in first quarter 2023.