3D Oil will remain operator under the joint operating agreement.
The new partners plan to start a 755-sq km (291-sq mi) seismic acquisition program during the next 12 months, subject to regulatory approvals.
T/49P is 20 km (12.4 mi) west of King Island. The concession covers 4,960 sq km (1,915 sq mi) in water depths of around 100 m (328 ft). It is close to the Geographe and Thylacine gas fields, the latter being the largest field discovered in the Otway basin to date, according to Beach.