3D Oil Limited

Annual General Meeting26 November 2009

Stamford PlazaCollins StreetMelbourne

Presentation DisclaimerPresentation Disclaimer

Important Notice

This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements.

No representation or warranty, express or implied, is made by 3D Oil that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of 3D Oil, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. 3D Oil accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information.

Why 3D Oil is a great investmentWhy 3D Oil is a great investment

3D Oil will develop West Seahorse in the short term

The reserves and contingent resources of West Seahorse have been recently increased

The satellite feature, Hippo, and the neighbouring Sea Lion Prospect have the potential to add significant value to the development

3D Oil implemented an Accelerated Growth Strategy to attract a joint venture partner and optimise the exploitation of the company’s assets

The Felix structure is arguably the best oil prospect currently in Australia

The company has a suite of high quality prospects and leads in a petroliferous province to provide exciting growth potential

The 3D Oil StoryThe 3D Oil Story

Summary

Listed 22 May 2007206.6 mill shares on issue$57 mill market capApprox $9.4 mill in cashNo debt

Key Strengths

Growing asset baseGrowing asset base

2P reserves 5.3 MMbblP50 contingent resource 3.4 MMbblProspective resources > 100 MMbbl

Focused on delivering growth in the next two yearsFocused on delivering growth in the next two years

Implemented Accelerated Growth StrategyHigh impact, low-moderate risk explorationInnovative development

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0.35Oil Price US $Oil Price A$TDO Share Price

TDO and Oil Price Summary TDO and Oil Price Summary

Accelerated Growth Strategy announced

Tapis Price previous 12 months

Sha

re P

rice

(A$

)O

il Price ($

)

TDO and ASX 200 Energy Index SummaryTDO and ASX 200 Energy Index Summary

Strong comparative performance from 3D Oil relative to other energy stocks

-50%

0%

50%

100%

150%

200%

250%

300%

1/12/2008 1/02/2009 1/04/2009 1/06/2009 1/08/2009 1/10/2009

3D Oil Performance versus ASX 200 Energy

3D Oil ASX 200 Energy

Assets and PotentialAssets and Potential

Near term development with > 100 MMbbl growth potentialNear term development with > 100 MMbbl growth potential

Vic/P57100%

West Seahorse 8.7MMstb (2P+2C) with potential satellite feature

Completed comprehensive assessment of infra-structure options

Sea Lion oil prospect ready to drill and potentially tie in

Felix high impact potential

9 quality prospects and leads

T41-P100%

New seismic indicates structured and prospective

Also confirmed seismic anomaly over the Dalrymple lead

At least 15 leads identified to date

Prospect defining 3D to be shot early 2010

Accelerated Growth Strategy Accelerated Growth Strategy

Optimisation of West Seahorse Development

Comprehensive prospectivity analysis for T41-P and Vic/P57

Partnering strategy

Accelerated Growth Strategy - 3 Stage Process

Reserves and Resources Reserves and Resources

West SeahorseWest Seahorse

32% increase 1P32% increase 1P

Reserves and Contingent Resources(MMstb)

4.15.3

6.8

8.7

1PProved

2PProved +Probable

3PProved +

Probable +Possible

2P + Contingent(P50)

Previous - August 2008 Upgrade - March 2009

32%increase

14% increase

12% increase

11% increase

Reserves 1P Proved

2P Probable

3P Possible

N1 and N2.6 4.1 5.3 6.8

Contingent Resources Low Estimate (P90) MMstb

Best Estimate (P50) MMstb

High Estimate (P10) MMstb

P1 and NE Fault Block 2.8 3.4 4.0

Total Reserves plus Contingent Resource 6.9 8.7 10.8

Extensive subsurface study of West

Seahorse has been undertaken

incorporating newly acquired well

data from the West Seahorse-3 well

(including oil and reservoir samples),

3D seismic mapping, HDVA depth

conversion, detailed petrophysics,

detailed production simulation and

production calibration to the

neighbouring Seahorse field

Seahorse and West Seahorse Comparison Seahorse and West Seahorse Comparison

Areal size similar

Both have oil in N1 and N2.6 reservoirs

OWCs almost identical

Same oils

Fields very similar Seahorse has been on production for almost 18 years

West Seahorse Seahorse

N1

N2.6

P1

West Seahorse Seahorse

N1

N2.6

P1

Vic/P57Vic/P57

Hippo

West Seahorse-1

N1

N2.6

P1

NearNear--Field Potential: Hippo Field Potential: Hippo

•Structural high west of West Seahorse

•Same oil zones predicted

• A total of 1.5 MB recoverable (P50 Prospective Resource)

•Potential tie-back to the main field.

BHippo West

Seahorse

Optimising West Seahorse DevelopmentOptimising West Seahorse Development

Mobile Offshore Production Unit (MOPU) with oil exported to shore,

Floating Production Storage and Offloading facility (FPSO),

Sub-sea tie-back to third party facilities,

Well head platform to an onshore stabilisation and processing plant,

3D Oil is continuing with 2 development options in parallel. These are:

Development options for West Seahorse were historically impacted by the global financial crisis and low oil prices. During this time 3D Oil continued engineering studies on

low CAPEX options including:

1. MOPU with oil exported to shore2. Sub--sea development tie-back with

third party access to offshore production facilities

Offshore Production Unit (MOPU) Overview (Option1)

Santos Santos MaleoMaleo MOPU MOPU -- IndonesiaIndonesia

Advantages of a MOPU development are:

•Fast development time. Recent MOPUs have been installed within 12 months from contract award

••They can be They can be leasedleased.. This reduces the upfront capital costs required for the project

•They can be relocated, making them suitable for fields with a short production life

•Can be used to support the well conductor, eliminating the need for a Well Head Platform (WHP) and also providing access to the well

A Mobile Offshore Production Unit (MOPU) is a converted jack-up drill rig with oil

production capabilities on the main deck

Sub-Sea Development Overview (Option 2)

Key components of the option are:

•West Seahorse-3 recompleted as a sub-sea well.

•Offshore pipelines (production and gas lift) from West Seahorse-3 (WSH) location to BTA (approx 10 km)

•8” Production pipeline•2 ½” gas lift pipeline

•Sub-sea tie-ins at BTA to connect the West Seahorse production and gas lift pipelines to the existing TWN production and gas lift pipelines.

•A control umbilical would be run from WSH to BTA.

•At BTA this would be brought onto the platform to a new Hydraulic Power Unit (HPU) to operate the WSH well.

SubSub--Sea Field LayoutSea Field Layout

West Seahorse-3 to be recompleted as a sub-sea well and produced to the Barracouta (BTA)

platform.

Accelerated Growth Strategy Accelerated Growth Strategy

Accelerated Growth Strategy - 3 Stage Process

Optimisation of West Seahorse Development

Comprehensive prospectivity analysis for T41-P and Vic/P57

Partnering strategy

Growth PotentialGrowth Potential

100 km

VIC/P57

T41-P

Vic/P57Full prospectivity review undertaken and continuing

Attract leveraged partner to share forward risk

New work on the Felix Prospect is very exciting

Sea Lion has real potential to add significant value to

West Seahorse development

T41/PCompleted acquisition of 2200km 2D seismic under

budget

Mapping indicates at least 16 leads

Significant seismic anomalies on at least two leads

similar to Yolla

Current activities and immediate plansCurrent activities and immediate plans

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Deep Water

Surat/BowenEromanga

Cooper

Barrow

Timor SeaBrowse

CanningPerth

Bonaparte Carnarvon

Amadeus

Large CompanyLarge CompanyMateriality ThresholdMateriality Threshold

Well cost - low

Well cost - medium

Well cost - high

Fiel

d si

ze (b

oe)

Chance of Success (%)

Why Bass Strait?Why Bass Strait?

Gippsland(Vic/P57)

Bass(T/41P)

Preferred Quadrant

Felix

Felix Deep

Sealion

Salsa

Dexter

Kangafish

Lucifer

Hector

Nicholson

Scooter

Dalrymple

Humbug

Glengarry

Tolpuddle

Tamar Pembroke

Ris

k P

rofil

e

Vic/P57 T/41P

Low

erH

ighe

r

More likely oil

More likely gas

A large prospect portfolioA large prospect portfolio

Vic/P57 has been very

lightly explored

Historically Gippsland has

highest exploration success

rate in Australia.

Adjacent to numerous oil

and gas fields

A great addressA great address

Gippsland; a prolific basinGippsland; a prolific basin

At least eight At least eight prospects prospects and leads and leads defined by defined by 3D seismic 3D seismic

Exploration Vic/P57Exploration Vic/P57

AB

MoonfishFelixProspect

WirrahSeahorseWestSeahorse

SealionProspect

A B

Oil & GasOil

Felix Prospect Felix Prospect

The Felix prospect is located within VIC/P57 on the prolific Rosedale Fault oil trend, 7km from the producing Moonfish Oil Field

Recent detailed mapping and an improved geological model have resulted in an upgrade to the estimated oil resource

Work now indicates a resource base of up to 100 MMBbls at the low-medium risk upper Latrobe levels

The same reservoir units are oil-bearing at the adjacent producing Moonfish Field

Felix Prospect > 100 MMBbls Potential

Potential Low Risk Upper Latrobe Group Volumes

Mean OIIP (MMbbls) 131 Recoverable Oil 65

P90 P50 P1043 105 24922 53 124

Felix

VIC/P57

Sealion ProspectSealion Prospect

N2.6

Independent Expert’s Assessment

Sea LionSea Lion

West Seahorse look-a-like

7 km from West Seahorse along Rosedale Fault

Develop as a stand-alone or tied back to West Seahorse.

West Seahorse-1Sea Lion

LongtomLucifer

• Gas play trend which includes Lucifer, Dexter and Kangafish

•On trend with newly developed Longtom field

• Similar geology, geometry and source kitchen

Potential significant gas trendPotential significant gas trend

Lucifer LeadDexter LeadKangaFish

Lead

Wirrah

EmperorSweetlips

Tuna

Sunfish

Longtom

PatriciaSperm Whale

Salsa Lead

LuciferLucifer A newly recognised Longtom playA newly recognised Longtom play

Shallow water (<80m)

Shallow drilling targets

Very lightly explored and large (2700 km2)

The key ingredients for an active petroleum system

Aggressive bids and farmins in previous 2 years with the entire basin under license

A number of wells to be drilled in the next few months

Exploration T41/P, TasmaniaExploration T41/P, Tasmania

Bass Basin an exciting emerging petroleum provinceBass Basin an exciting emerging petroleum province

Approximately 50km to Yolla Platform

Approximately 50km to Yolla Platform

Crosswinds

Dalrymple

Iron Pot

Lubiana

15 leads currently identified from newly acquired 2200 km of seismic

Seismic anomalies often indicative of hydrocarbons are associated with some leads

Dalrymple anomaly on a number linesPembroke

Dalrymple

T/41P

10 km

Top Eastern View

Intra Eastern View

Leads

T41/P; all the right ingredients T41/P; all the right ingredients

New seismic has uncovered many new leadsNew seismic has uncovered many new leads

T.PALEOCENE

TEV COALSIEV COAL

IEV UNC.

TEV SAND

T.DEMONS BLUFF SHALE

Dalrymple

Top Eastern View Depth

Accelerated Growth Strategy Accelerated Growth Strategy

Accelerated Growth Strategy - 3 Stage Process

Optimisation of West Seahorse Development

Comprehensive prospectivity analysis for T41-P and Vic/P57

Partnering strategy

Partnering StrategyPartnering Strategy

A structured process has been initiated to select exploration and development partners

Core Energy Group have been appointed as advisors

Target finalisation by end of December

Partnering Strategy Process

Value PotentialValue Potential

Key Assumptions:

1. Exploration value assumes a A$102 net back per barrel and 53MMBbl1.

2. MOPU development

3. 80 cents US exchange rate

4. $40 Mill RRT credits uplifted to first oil

5. 10% nominal discount rate

6. 3D Oil @ 100%

7. Sea Lion commercial discovery

Vic/P57 NPV A$

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550

West SH 2P US$80/bbl West SH 2P US$100/bbl + Sealion US$80/bbl + Sealion US$100/bbl

West Seahorse2P @ US$80/bbl

West Seahorse2P @ US$100/bbl

West Seahorse 2P +Sea Lion @ US$80/bbl

West Seahorse 2P +Sea Lion @ US$100/bbl

53MMBbls1 @ A$102

net back per Bbl

Felix Exploration Potential Vic/P57 Development and Tie In Potential

Total Value Potential > $600 Million

NP

V A

$ M

NP

V A

$ M

1 P50 resources2 Low case estimate

3D Oil Limited

Accelerated Growth Strategy

Transitioning from evaluation to implementation

Annual General Meeting26 November 2009

Stamford PlazaCollins Street

Melbourne