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  • Untitled Document
    Untitled Document

    Carnarvon to acquire Permit VIC/L31 in Gippsland Basin

    3D Oil Ltd.

    3D Oil Ltd. reports that, pursuant to the VIC/L31 option deed dated July 4, Carnarvon Hibiscus Pty Ltd. (CHPL), a subsidiary of Hibiscus Petroleum Bhd, has exercised the VIC/L31 option to acquire the VIC/P31 Remaining Interest, with the permit located in the Gippsland Basin, offshore Victoria, Australia, from 3D Oil Ltd. for a consideration of $14.05 million.

    The payment of the VIC/P31 option consideration and the completion of the acquisition of the VIC/L31 remaining interest (together with the completion of VIC/L31 sale interest pursuant to the VIC/L31 SPA) will be effected subsequent to the relevant approvals being obtained from NOPTA.

    Upon completion of the transfer, 3D Oil Ltd.  will have no remaining interest and no further obligations to VIC/L31, which contains the West Seahorse oil field in the Gippsland Basin, and CHPL will hold 100% interest.

    The company will remain a participant in the VIC/P57 permit with an equity level of 24.9% or 44.9% dependent on whether HiRex exercise the option to participate in the permit. The joint venture is currently planning to drill the Sea Lion Prospect in the first half of 2015.

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