Malaysia’s Hibiscus Petroleum has completed its acquisition of a 50% share in exploration permit VIC/P74 in Australia’s Gippsland basin, off Victoria.

Joint venture partner 3D Oil confirmed Friday that Australia’s National Offshore Petroleum Titles Administrator (Nopta) had approved the farm-in this week.

Hibiscus exercised the option last year to gain a 50% share in the offshore exploration permit, with 3D Oil to retain a 50% operated stake.

The 1006-square kilometre permit lies on the southern side of the Gippsland basin and contains the Omeo gas and condensate discovery.