The Australian offshore player announced the signing of farm-in and subscription agreements valued at an A$29 million (US$30.4 million) for Hibiscus to acquire a 50.1% stake in VIC/P57, containing the West Seahorse field.
Under the deals, Hibiscus will become the operator of the permit and invest A$27 million in tranches to predominantly fund the progress of West Seahorse.
In addition, the company will take a 13% cornerstone investment in 3D Oil for about A$2 million.
Funds
