3D Oil Limited has advised that Carnarvon Hibiscus Pty Ltd has exercised the VIC/L31 Option to acquire the VIC/L31 Remaining Interest, offshore Australia, from 3D Oil Limited for a consideration of USD 14.05 million.
The payment of the VIC/L31 Option Consideration and the completion of the acquisition of the VIC/L3 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, offshore Australia, which contains the West Seahorse oil field, and CHPL will hold 100% interest.
The Company will remain a participant in the VIC/P57 permit with an equity level of 24.9% or 44.9% dependent on whether HiRex exercise the option to participate in the permit. The Joint Venture is currently planning to drill the Sea Lion Prospect in the first half of 2015.