There has been something of an early Christmas present for...

There has been something of an early Christmas present for shareholders in oil explorer 3D Oil (ASX:TDO). And it's all thanks to Felix.

Since December 15, 3D's shares have shot 9 cents or 36 per cent higher to 34 cents, prompting a speeding ticket from the stock exchange in the process.

3D responded that it had nothing new to report, which was true as far as it went. Obviously not one to over-promote, 3D boss, major shareholder and passionate sunglasses wearer, Noel Newell, could have gone on to outline the building excitement over the group's Felix oil prospect in Bass Strait.

The prospect in Bass Strait permit Vic P57 has the potential to contain up to 100 million barrels of recoverable oil. That in itself is enough for Felix to be ranked as one of the juiciest oil plays on the books anywhere in Australia.

Its Bass Strait address doesn't hurt either. The prospect and that is all it is at this stage sits between the producing Moonfish oilfield and the Wirra oil discovery of the Exxon/BHP partnership.

Moonfish is currently the biggest producer within the Exxon/BHP portfolio of oilfields out in Bass Strait and on a structural basis, Felix is about five times larger. All very interesting for a company of 3D's size ($68 million). But irrelevant if it does not contain oil.

We will know soon enough if it does contain oil. 3D has called in an advisory firm to help it find a big brother partner to fund the drilling of Felix, as well as work with 3D to develop its existing development opportunity in Bass Strait the 6.9 million barrel West Seahorse oilfield, also in Vic P57.

3D has been swamped with inquiries and expects some more to roll in the door before closing the process off at the end of next month. Then there will be a month or so of sorting out which is the best deal.

All of that means Felix will be put to the test with the drill bit sometime next year. Next year will also see some action on development planning front for West Seahorse. It sits all of 4 kilometres from the Exxon/BHP partnership's Seahorse oilfield.

Seahorse has been in production for 18 years and after a 2005 workover, it resumed production at a daily rate of 4000 barrels a day.

There will be no surprise if the 3D's development options for West Seahorse include a tieback to Seahorse, given the short distance and the Exxon-BHP partnership's interest in offsetting the natural decline in its Bass Strait oil production.