Key points
- Independent expert RISC Advisory determined the FMV of 3D Energi's 20% interest in VIC/P79 at US$19.8 million
- RISC's FMV includes US$13.0 million for Essington Gas Discovery and US$6.8 million for remaining exploration value
- ConocoPhillips has 30 days to buy-out 3D Energi's interest at the determined FMV
Full summary
3D Energi Limited announced that independent expert RISC Advisory has determined the Fair Market Value (FMV) of its 20% participating interest in VIC/P79 at US$19.8 million (A$28.6 million). The FMV comprises a US$13.0 million share of the Essington Gas Discovery and US$6.8 million for the remaining exploration value of VIC/P79. ConocoPhillips has 30 days from the receipt of the buy-out notice to exercise its right to acquire 3D Energi's interest at the determined FMV, less any relevant default claim, applicable interest, and discount factor under the Joint Operating Agreement (JOA). 3D Energi continues to challenge the validity of the default notices and buy-out notice issued by ConocoPhillips.
Outlook
3D Energi remains committed to resolving the issues surrounding the validity of the default notices and buy-out notice, reserving all rights in relation to those matters.