Hibiscus to farm in offshore Australia

Offshore staff

MELBOURNE, Australia – Hibiscus Petroleum has a farm-in agreement to acquire 50.1% of 3D Oil Ltd.’s VIC/P57 permit offshore Australia and spend A$27 million ($28.3 million) to fund joint operations on the permit.

The funds will be applied principally towards the appraisal of the West Seahorse oil field under a Joint Operating Agreement with the intention of proceeding to development if successful. The joint venture may also drill one exploration well in the Sea Lion prospect.

West Seahorse lies approximately 14 km (8.6 mi) offshore from the coast and is in 35 m (115 ft) of water.

Completion of the agreement is pending regulatory approvals.

VIC/P57 is in Gippsland basin 8 km (5 mi) offshore southeast Victoria.

For additional information about activities in the Gippsland basin, click here.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...