KUALA LUMPUR, Malaysia – Hibiscus Petroleum’s subsidiary Carnarvon Hibiscus has exercised an option to farm into 50% of the VIC/P74 permit in the Gippsland basin offshore southeast Australia, under an agreement with 3D Oil.
Assuming the deal goes through, 3D Oil will remain operator through the initial three years of the permit.
The work program comprises mainly acquiring reprocessed 3D seismic data for geological and geophysical studies in order to determine potential resources and to rank identified prospects.
If another company decides to farm in at a future date to co-fund planned drilling, the farminee would operate the wells.
VIC/P74 extends across 1,006 sq km (388 sq mi) and is adjacent to the Kingfish oil field, which to date has produced more than 1 Bbbl of oil.