“Two more oil production wells are currently being drilled at St Joseph oil field, which will be followed by three new oil production wells and one water injection well in the SF30 oil field,” the oil and gas group said
KUALA LUMPUR: Hibiscus Petroleum Bhd
's associate has received an options to take part in the exploration in the offshore Gippsland Basin by the National Offshore Petroleum Titles Administrator.
It said on Friday its associate, 3D Oil Ltd, which is listed on the Australian Stock Exchange, was awarded the VIC/P74 permit.
The 1,006 sq km permit is located on the southern side of the Gippsland Basin, adjacent to the world class Kingfish oilfield.
Hibiscus Petroleum aid the Kingfish oilfield is the largest oilfield ever discovered in Australia and to date has produced over one billion barrels of oil.
Under the terms of a pre-bid agreement, the company has 30 days to team up with 3D Oil for up to a 50% non-operated interest in VIC/P74 on a ground floor basis.
Hibiscus Petroleum’s unit Oceania Hibiscus Sdn Bhd has a 11.7% equity interest in 3D Oil.
3D Oil holds interests in three other offshore permits – VIC/P57, also in the Gippsland Basin (3D Oil : 24.9%), T/49P in the Otway Basin adjacent to the Thylacine Gas Field (3D Oil :100%), and WA527P (3D Oil : 100%) in the Bedout sub-basin, adjacent to the recent significant oil discovery at Dorado.
Hibiscus Petroleum Group holds 75.1% direct interest in VIC/P57 and 100% interest in VIC/L31, both also located in the Gippsland Basin, Australia.
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