Hibiscus has a 50.1% operating interest in the field in the Gippsland basin, with 3D Oil holding 49.9%.
Proven and probable reserves are 6.5 million barrels of oil.
3D has funding challenges and, according to a heads of agreement between 3D, Hibiscus and two other parties, Hibiscus has an option to acquire 3D's interest "at fair market value".
Hibiscus will buy the Britannia mobile offshore production unit from the West Seahorse joint venture as a way of expediting a potential field development.
