3D Oil Obtains Declaration Of Location At West Seahorse Oil Field

Nov. 07, 2012 7:45 PM ET
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Gippsland Basin-focused 3D Oil (ASX:TDO) has received the regulatory "declaration of location" over the West Seahorse oil field offshore Victoria.

The declaration by the National Offshore Petroleum Titles Administrator is a precursor that would pave the way for filing for a production license for TDO's Gippsland Basin permit.

Earlier this year, 3D Oil had entered into a farm-in agreement with Malaysia's Hibiscus Petroleum under which the Malaysian company would have secured a 50.1% interest in the permit for A$ 27 million.

While the farm-in has already secured Foreign Investment Review Board approval, it is still subject to Hibiscus shareholder approval.

A project team has been mobilised to work on engineering and planning to develop the project, with the aim of producing oil by mid 2014.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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