Hibiscus exercises option

West Seahorse: the oilfield’s development concept involves a mobile offshore production unit linked to a floating storage and offloading vessel

Australia’s 3D Oil has managed to shed its remaining interest in the West Seahorse oilfield off south-east Australia for a cash consideration of $14.05 million.

Malaysia's Hibiscus Petroleum has exercised its option to acquire an interest in VIC/L31 in the Gippsland basin to complete the deal.

Once approvals are secured from the National Offshore Petroleum Titles Administrator, the deal will be closed.

Hibiscus will then hold a 100% interest in the field.

While the company is exiting VIC/L31, it will remain a participant in VIC/P57 with an equity level of either 24.9% or 44.9% depending on whether HiRex exercises its options.

Joint venture partners are currently planning the drilling of the Sea Lion prospects in the first half of next year.

Hibiscus will buy the Britannia mobile offshore production unit from the West Seahorse joint venture as a way of expediting a potential field development.

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