Malaysian oil and gas independent Hibiscus Petroleum has secured an option to become a joint venture partner with 3D Oil to acquire up to a 50 per cent non-operated interest in the VIC/P74 permit in the offshore Gippsland Basin.
Hibiscus announced this development to the market after 3D Oil was awarded the permit for VIC/P74 last week by the National Offshore Petroleum Titles Administrator (NOPTA).
The 1006km2 permit is located on the southern side of the Gippsland Basin, adjacent to the world class Kingfish oilfield. The Kingfish is no small fry, considering it tips the scales the largest oilfield ever discovered in Australia which to date has produced over one billion barrels of oil.
Hibiscus said under the terms of the bid-agreement, it has 30 days to decide whether to enter into a Joint Venture with 3D Oil on a ground floor basis.
Hibiscus Petroleum’s wholly-owned subsidiary, Oceania Hibiscus Sdn Bhd holds 11.7% equity interest in 3D Oil. The Melbourne-based company also holds interests in three other offshore permits; VIC/P57, also in the Gippsland Basin, T/49P in the Otway Basin adjacent to the Thylacine Gas Field and WA527P in the Bedout sub-basin, which is adjacent to the world class Dorado discovery.
3D told the market last week that the motivation for its VIC/P74 bid was based on likely “significant enhancement of 3D seismic in the basin as a result of reprocessing being undertaken by service company CGG.”
