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

Nov. 07, 2012 7:45 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Short Only

Contributor Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

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.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.