3D Oil Limited (TDO) announced Thursday that the National Offshore Petroleum Titles Administrator (NOPTA) has offered the VIC/P57 Joint Venture (JV) a Production License over the West Seahorse (WSH) oil field in the offshore Gippsland Basin, Australia. NOPTA has also approved the Field Development Plan (FDP) for WSH.
The Production License offer adds significant certainty to the WSH project. The approval of the FDP is also a significant milestone that indicates acceptance of the development concept and associated geosciences and engineering planning.
WSH is being developed for production in early 2015 by the JV comprised of TDO 49.9 percent and Carnarvon Hibiscus Pty Ltd (Hibiscus), a wholly owned subsidiary of Hibiscus Petroleum Berhad, as Operator with 50.1 percent. Under NOPTA’s rules, the JV now has 90-days to accept the offer and be awarded the WSH Production License.
Last month, TDO announced that it had formally commenced the financing process for the development of WSH and exploration drilling in VIC/P57. TDO is working closely together with Hibiscus to implement the financing plan.
Promising discussions are underway with a number of potential debt financiers for the JV. A number of Australian banks, international financiers and structured finance providers are currently assessing the opportunity. TDO is also engaged with multiple parties regarding its potential equity requirements.
A Final Investment Decision is currently expected early in 2014.
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