3D Oil Limited

Set to Deliver

April 2010

3D Oil Limited3D Oil Limited

Set to DeliverSet to Deliver

April 2010April 2010

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.

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Corporate Summary

Strategy Focus

Value Potential

3

Corporate SummaryCorporate Summary

3D Oil formed July 2003

Listed on the ASX 22 May 2007

Shares on issue 206.6 mill

Unlisted options 10.5 mill

Market Capitalisation $A40 mill

Top 20 shareholders 130 mill shares (63%)

Cash $A8.7 mill

As at 14 April 2010

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Why 3D Oil is great investment Why 3D Oil is great investment

FEED commenced for the West Seahorse development with FID in 2010

Low Capex and Opex provides a very robust project even at low oil prices

Initial flow rates of up to 7000 bopd expected

2P reserves 5.3 MMBbl with sidetrack of West Seahorse-3 potential to add 1.2 MMBbl

Neighbouring Sea Lion Prospect has potential to at least double the NPV of the project

Felix, a world class prospect, has high impact potential

The current share price clearly undervalues the medium term growth potential

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Assets and PotentialAssets and Potential

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

Vic/P57100%

T41-P100%

3D Oil Assets

West Seahorse 8.7MMstb (2P+2C)

FEED commenced

Sea Lion oil prospect ready to drill and tie in

Felix high impact potential

9 quality prospects and leads

The recent Trefoil and Rockhopper wells have illustrated the basin potential

At least 15 leads identified to date some with amplitude anomalies similar to Trefoil

Prospect defining 3D to be shot early 2011

6

Corporate Summary

Strategy Focus

Value Potential

7

Strategy FocusStrategy Focus

1. Accelerate West Seahorse development

2. Comprehensive prospectivity analysis

3. Securing partner to drill high impact structure

First oil 2012

Drill high impact structure within 12 months

Potential increasing reserves base

8

Outcome

Seahorse and West Seahorse Comparison Seahorse and West Seahorse Comparison

Areal size similar

Both have oil in N1 and N2.6 reservoirs – both excellent

OWCs almost identical

Same oils (Tapis quality)

Fields very similar Seahorse has been on production for almost 19 years

West Seahorse Seahorse

N1

N2.6

P1

West Seahorse Seahorse

N1

N2.6

P1

Vic/P57Vic/P57

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World class petroleum system

Reserves and Resources Reserves and Resources

Reserves 1P 2P 3PN1 and N2.6 (MMBbl) 4.1 5.3 6.9Contingent Resources P90 P50 P10P1 and NE Sector (MMBbl) 2.9 3.4 4

6.9 8.7 10.9Total Reserves and Coningent Resources

WardieProspective resource?

500m

NW Prospective resource

West SeahorseN1 & N2.6 reservesP1 contingent resource

NE Contingent Resource

• Reserves contained in two reservoirs; N1 and N2.6

• Sidetrack of West Seahorse-3 has potential to add 1.2 MMBbl in P1 reservoir

• Reservoirs consist of stacked porous channel sands with up to 3 darcies permeability

• Excellent aquifer support

• Recoveries of up to 70% common on Northern Margin of the Gippsland Basin

• Light Tapis-quality crude

• 3D seismic coverageWest Seahorse-1 DST1411-1418m RT1827 BOPD ½” choke48o APIGOR 242 scf/barrel

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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

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Optimising West Seahorse DevelopmentOptimising West Seahorse Development

Development options for West Seahorse have been impacted by the global financial crisis and low oil prices. During this time 3D Oil continued engineering studies on low CAPEX options and discovered an innovative solution

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FEED commenced

Key components of the option are:

West Seahorse-3 re-completed as a sub-sea well.

Offshore and onshore pipelines from West Seahorse-3 location to plant

6” FlexSteel Production pipeline3”gas lift pipeline(Pipe laying barge not required)

Crude stabilisation and load-out terminal plant located at Dutson Downs after treatment facility

Or tie-in to third party facilities

3“ gas export/import pipeline to Longford Gas Pipeline

Optimising West Seahorse DevelopmentOptimising West Seahorse Development

EGP Compressor Station

Longford Gas Plant

Proposed New Oil Processing Plant

10 km

Proposed Offshore

Pipeline FlexSteel 6” Oil

and 65mm Gas lift

Proposed Subsea Completion

Low Capex and Opex result in very robust project

Initial flow rates 6000 to 7000 bopd

First oil 2012

Field life 10 years +

Capex currently estimated < US$80 MM (including 30% contingency)

Further potential of 1.2 MMBbl reserves if West Seahorse-3 side tracked to West Seahorse-1 location

Development will allow tie in from Sea Lion in the event of a discovery

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Growth PotentialGrowth Potential

100 km

Vic/P57

T41P

Vic/P57Full prospectivity review underway

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

T/41PCompleted acquisition of 2200km 2D seismic under

budget

Mapping indicates at least 16 leads

Significant seismic anomalies on at least two leads

similar to Yolla and Rockhopper

Current activities and immediate plansCurrent activities and immediate plans

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0

1

10

100

1,000

10,000

0 10 20 30 40 50

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

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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

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Vic/P57 has been very

lightly explored

Historically Gippsland has

highest exploration success

rate in Australia.

Adjacent and on trend to

numerous oil and gas fields

A great addressA great address

Gippsland; a prolific basinGippsland; a prolific basin

Prospects and leads a mixture

of traditional Gippsland plays

and emerging deeper

Longtom-style gas play

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Gippsland is the ‘oiliest’ basin in

Australia while having world class

reservoirs

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

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Felix Prospect AnalysisFelix Prospect Analysis

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

Felix Prospect > 100 MMBbls Recoverable Potential

Felix

MoonfishWest Moonfish

Arguably best oil prospect currently in Australia

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Completion of Prospect AnalysisCompletion of Prospect Analysis

The Felix prospect is anticipated to contain the same productive horizons currently being exploited in the nearby Moonfish field. The same zones are oil-bearing in the Wirrah discovery on-trend with both Felix and Moonfish. Such proximity to proven hydrocarbon accumulations provides Felix with a low risk profile for the primary objective

The recent mapping has also identified secondary targets below the primary objective with the potential to contain an additional 60 MMbbls of oil resource equivalent

Deeper potential has not been identified previously in this immediate area but, has been proven to be prospective at the nearby Longtom and Kipper fields

Felix Prospect; additional deeper prospectivity

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Sealion ProspectSealion Prospect

Independent Expert’s Assessment

Sea LionSea Lion

Adjacent and West Seahorse look-a-like except potentially larger and defined by 3D seismic

Identical reservoirs with potential for additional coarse clastics reservoir at top Latrobe

Tie-in to the West Seahorse development relatively simple

Sea Lion West Seahorse

A traditional Gippsland structure with robust 4-way dip closure on the prolific Rosedale

faultSea Lion

West Seahorse

N2.6

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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

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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

The Trefoil discovery confirms the active ‘oily’ petroleum system

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

RockhopperRockhopperTrefoilTrefoil

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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 lines conformable with structure

Pembroke

Dalrymple

T/41P

10 km

Top Eastern View

Intra Eastern View

Leads

T.PALEOCENE

TEV COALSIEV COAL

IEV UNC.

TEV SAND

T.DEMONS BLUFF SHALE

Dalrymple

Top Eastern View Depth

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

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Corporate Summary

Strategy Focus

Value Potential

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‐

100

200

300

400

500

600

NPV

 A$

West Seahorse 2P @ US$80 West Seahorse 2P @ US$100 + Sea Lion @ US$80 $100 Oil

Value PotentialValue Potential

Development Value Potential > $500 MillionFelix has the potential to add a further $500 Million

Vic/P57 Development and Tie In Potential with Sub Sea Development

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Previous Exploration Costs $A 51.49 million (1/7/09)

Abandonment Costs for Sub-Sea Option $A 8 million

Oil Price

WTI Price $US 80 bbl

W Sh Premium 10%

Road transport to refinery $A5 /bbl

W Sh cost @ $0.90 exc rate $A 92.78/bbl

Forex $A1.00= $US 0.90

Tax rate 30%

PRRT 40%

Debt/Equity 100% equity

CAPEX and OPEX escalation 5%

OPEX for Sub Sea options $US6.0 million/year

Assumptions

3D Oil Limited3D Oil Limited

Set to emerge as a Set to emerge as a

Mid Cap ProducerMid Cap Producer

April 2010April 2010