News

Hibiscus Petroleum's associate awarded VIC/P74 permit in Australia

KUALA LUMPUR, July 26 (Bernama) -- Hibiscus Petroleum Bhd's associate company, 3D Oil Ltd has been awarded the VIC/P74 exploration permit in the offshore Gippsland Basin, Australia by the National Offshore Petroleum Titles Administrator (NOPTA).

In a statement, it said the 1,006 square kilometre permit was adjacent to the world-class Kingfish oilfield, the largest oilfield in Australia.

Under the terms of a pre-bid agreement, the company said it would have 30 days to elect to enter into a joint venture with 3D Oil for up to a 50 per cent non-operated interest in VIC/P74 on a ground floor basis.

Hibiscus Petroleum's wholly-owned subsidiary, Oceania Hibiscus Sdn Bhd holds 11.7 per cent equity interest in 3D Oil, a listed company on the Australian Stock Exchange.

3D Oil holds interest in three other offshore permits - VIC/P57, also in Gippsland Basin (24.9 per cent), T/49P in the Otway Basin, adjacent to the Thylacine Gas Field (100 per cent) and WA527P (100 per cent) in the Bedout sub-basin, adjacent to the recent oil discovery in Dorado. 

Hibiscus Petroleum group holds 75.1 per cent direct interest in VIC/P57 and 100 per cent interest in VIC/L31, both located in the Gippsland Basin. 

It is first listed independent oil and gas exploration and production company.

-- BERNAMA

 

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