3D Oil Ltd., Melbourne, has completed the sale of its interests in Victorian offshore production licence Vic/L31 to Malaysian’s Hibiscus Petroleum Bhd.
3D received the final payment of $14.05 million last week. This sum came in addition to $1.95 million already paid for the 49.9% interest in the licence that contains the yet-to-be developed near-shore West Seahorse oil field.
The final transaction means that 3D has no remaining interest and no further obligations for work in Vic/L31. Hibiscus now has the permit 100%.
Hibiscus also previously paid $7.5 million for 3D’s interest in the Britannia drilling rig that was planned for use as an offshore production facility on West Seahorse as well as a further 5% interest in the surrounding exploration permit Vic/P57.
3D says it will use the funds to pursue the planned Sea Lion-1 exploration well in Vic/P57 during 2015.