ConocoPhillips (NYSE:COP, XETRA:YCP) partner 3D Energi (ASX: TDO) has secured firm commitments to raise $14.5 million (before costs) through a placement priced at $0.14 per share, with strong support from domestic and offshore institutional investors, including both new and existing shareholders.
The company plans to issue 103,571,429 new shares under the placement, together with 1 free attaching option for every 1 new share, subject to shareholder approval. The options are proposed to be exercisable at $0.21 and will expire 2 years from the date of issue, with 3D Energi intending to seek ASX quotation of the options, subject to meeting listing requirements.
Funds raised will be used to progress testing at the Essington-1 well, drilling activities at the Charlemont-1 gas exploration well in permit VIC/P79, and for general working capital, including placement costs. Charlemont-1 is the second well in the 2025 Otway Exploration Drilling Program.
The placement price represents a 17.6% discount to the company’s last traded price of $0.17 on December 11, 2025, and an 18.5% discount to the 15-day VWAP of $0.1719.
Settlement is expected on December 23, 2025, with new shares to be allotted on or around December 24, 2025. Euroz Hartleys and Canaccord Genuity (Australia) acted as joint lead managers to the placement.
Executive chairman Noel Newell said the funds would support Essington well testing and drilling at Charlemont-1 in the Otway Basin alongside joint venture partners ConocoPhillips and KNOC, while also strengthening the company’s working capital position.
Drilling at Charlemont-1 commenced on December 11, 2025 and is expected to take approximately 32.9 days to reach a total depth of 2830 m TVDSS, subject to operational conditions, including wireline logging activities.