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  • 3D Oil Partner Hibiscus Petroleum Becomes Substantial Shareholder  0 comments
    Jan 10, 2013 1:28 AM

    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.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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