3D Oil, an associate of Hibiscus, which is listed on the Australian Stock Exchange (ASX), stated that the farm out deal was for the exploration permit of the Victorian Exploration Permit VIC/P79, located in the Otway Basin.
PETALING JAYA: Hibiscus Petroleum Bhd
’s 11.68%-owned associate, 3D Oil Ltd, has come into a farm out agreement with ConocoPhillips Australia SH2 Pty Ltd in relation to its interest and operatorship of an offshore permit in exchange for an upfront payment of US$3mil (RM13.24mil) and well costs of US$35mil (RM154.46mil).
3D Oil, an associate of Hibiscus, which is listed on the Australian Stock Exchange (ASX), stated that the farm out deal was for the exploration permit of the Victorian Exploration Permit VIC/P79, located in the Otway Basin.
“ConocoPhillips Australia will undertake to drill an exploration well as required by the Permit’s Primary Term minimum work commitment required by February 2025,” 3D Oil told the ASX.
