3D Oil Limited (TDO) announced Monday that, pursuant to the VIC/L31 Option Deed dated July 4, Carnarvon Hibiscus Pty Ltd (CHPL) - a subsidiary of Malaysia's Hibiscus Petroleum Berhad - has exercised the VIC/L31 Option to acquire the VIC/P31 Remaining Interest, with the permit located in the Gippsland Basin, offshore Victoria, Australia from 3D Oil Limited for a consideration of $14.05 million.
The payment of the VIC/P31 Option Consideration and the completion of the acquisition of the VIC/L31 Remaining Interest (together with the completion of VIC/L31 Sale Interest pursuant to the VIC/L31 SPA) will be effected subsequent to the relevant approvals being obtained from NOPTA.
Upon completion of the transfer, TDO will have no remaining interest and no further obligations to VIC/L31, which contains the West Seahorse oil field in the Gippsland Basin, and CHPL will hold 100 percent interest.
The Company will remain a participant in the VIC/P57 permit with an equity level of 24.9 percent or 44.9 percent dependent on whether HiRex exercise the option to particiapte in the permit. The Joint Venture is currently planning to drill the Sea Lion Prospect in the first half of 2015.
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