PETALING JAYA: Hibiscus Petroleum Bhd’s indirect wholly owned subsidiary, Carnarvon Hibiscus Pty Ltd, has completed its acquisition of 50% interest in the VIC/P74 exploration permit in Australia from 3D Oil Ltd, the operator, following the earlier exercise of its farm-in option.
Previously, the group had entered into an assignment agreement with 3D Oil for the permit on May 8.
Subsequently, it had entered into a joint operating agreement with the company after fulfilling the conditions of the assignment agreement which included the approval of the agreement, registration of the supplementary instrument for the agreement by Australian National Offshore Petroleum Titles Administrator (Nopta).
According to Hibiscus, it obtained approval and registration by Nopta on July 6 and entered into the joint operating agreement on July 23 and submitted the instrument of transfer and deed cross char for the permits to the administrator for approval and registration.
Nopta has granted it approval for its instrument on Oct 7, and registered it on the same date, thereby completing its acquisition of the 50% interest in the permit.
The group highlighted that the 1,006 km2 VIC/P74 permit is adjacent to the Kingfish oilfield which has produced over one billion barrels of oil to‐date.
Aside from that 3D Oil holds interests in three other offshore permits – VIC/P57, also located in the Gippsland Basin (24.9%), T/49P in the Otway Basin adjacent to the Thylacine Gas Field (20%), and WA527P (100%) in the Bedout sub‐basin, adjacent to the recent significant oil discovery at Dorado.
Hibiscus Petroleum Group holds 75.1% direct interest in VIC/P57 and 100% interest in VIC/L31, both also located in the Gippsland Basin, Australia.
