Hibiscus Petroleum one step closer towards realising production in Australia (Scandinavian Oil-Gas Magazine)

Hibiscus Petroleum one step closer towards realising production in Australia

Published Jul 9, 2014

The Hibiscus Petroleum Berhad (Hibiscus Petroleum) group, has signed a series of binding agreements with its Australian partner, 3D Oil Limited (3D Oil), to increase its effective stake in both the VIC/L31 Production Licence which contains the West Seahorse discovered field, and the VIC/P57 Exploration Permit which is believed to contain several exploration opportunities.

Hibiscus Petroleum through its subsidiary, Carnarvon Hibiscus Pty Ltd (Carnarvon Hibiscus) currently holds a 50.1% stake in both licences located in the Gippsland Basin, known to be the most oil-prolific offshore basin in Australia.

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