Malaysia's Hibiscus Completes Oz Farm In Deal
Malaysian Hibiscus Petroleum has completed its acquisition of a 50% stake in the VIC/P74 exploration permit offshore Victoria from Sydney-listed 3D Oil, after exercising its farm‐in option, it said on October 8.
Carnarvon Hibiscus, an indirect wholly‐owned subsidiary of Hibiscus Petroleum, entered into an assignment agreement with 3D Oil for the permit in May this year. Australia’s National Offshore Petroleum Titles Administrator approved the deal on October 7, Hibiscus said.
Under the terms of the assignment agreement, 3D Oil will remain as operator with 50% equity. The 1,006 km2 permit is located on the southern side of the Gippsland basin. It contains the Omeo gas and condensate discovery and is adjacent to the giant Kingfish oilfield.
3D Oil holds interests in three other offshore permits – VIC/P57, also located in the Gippsland basin (3D Oil 24.9%), T/49P in the Otway basin adjacent to the Thylacine gas field (3D Oil 20%), and WA-527-P (3D Oil 100%) in the Bedout sub-basin adjacent to the recent significant oil discovery at Dorado.
Hibiscus holds 75.1% direct interest in VIC/P57 and a 100% interest in VIC/L31, both also located in the Gippsland basin.