Besides seeking approval for the farm-in, Hibiscus will also seek approval for the associated subscription for 3D Oil shares during the Extraordinary General Meeting on 19 December 2012.
Approval will satisfy the substantive remaining conditions in the farm-in agreement and complete a key deal for3D Oil that will allow development of the West Seahorse oil field in the permit to go ahead.
Hibiscus has already secured Foreign Investment Review Board approval for the farm-in while the project has received the regulatory "declaration of location" over the field off Victoria from the National Offshore Petroleum Titles Administrator.
3D Oil has already received the A$2 million from Hibiscus for the 30.96 million 3D Oil shares that it had subscribed for. Once the shares are issued in December, Hibiscus will have a 13% interest in 3D Oil.
3D Oil and Hibiscus Petroleum have assembled a project team and are working together on engineering, planning and approvals for the West Seahorse development project.
This is targeted at starting oil production within two years.
Under this schedule, it is anticipated that a Production Licence application will be submitted early next year.
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