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.