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Hibiscus Petroleum acquires 50 pct of exploration permit in Australia

08/10/2020 07:46 PM

KUALA LUMPUR, Oct 8 -- Hibiscus Petroleum Bhd’s indirect wholly‐owned subsidiary Carnarvon Hibiscus Pty Ltd (CHPL) has completed its acquisition of 50 per cent interest in the VIC/P74 exploration permit in Australia from the operator, 3D Oil Ltd, following the earlier exercise of its farm‐in option. 

CHPL had entered into an assignment agreement with 3D Oil for the permit on May 8, 2020.

In a filing with Bursa Malaysia today, the Kuala Lumpur-headquartered oil and gas production company said the Australian National Offshore Petroleum Titles Administrator (NOPTA) approval was obtained on Oct 7 and the instruments were registered on the same date, thereby facilitating the completion of CHPL’s acquisition.

It noted that the VIC/P74 permit was for the 1,006 sq km adjacent to the Kingfish oilfield, which has to‐date produced over one billion barrels of oil. 

Hibiscus said 3D Oil, which is its associate company, also held interests in three other offshore permits including VIC/P57, located in the Gippsland Basin, T/49P in the Otway Basin and WA527P in the Bedout sub‐basin.

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


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