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3D Oil Partner Hibiscus Petroleum Becomes Substantial Shareholder

Gippsland Basin focused 3D Oil (ASX: TDO) has added Malaysia's Hibiscus Petroleum as a substantial shareholder with a 13.04% interest.

This follows recent shareholder approval of the A$27 million farm-in by Hibiscus Petroleum to 3D Oil's West Seahorse oil field offshore Victoria.

Hibiscus's shareholders also approved an associated A$2 million subscription for 3D Oil shares.

The company now holds 30.96 million shares in 3D Oil.

Under the farm-in deal, Hibiscus will take a 50.1% operating stake in VIC/P57, which contains the West Seahorse field.

The partners aim to start production from the field within two years.

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