The Australian National Offshore Petroleum Titles Administrator has given a five-year extension to the exploration permit of Hibiscus Petroleum Berhad’s joint venture (JV) in Australia.
The permit will now be valid from March 7, 2018 to March 6, 2023.
The permit allows the JV to explore for oil and gas deposits in the northwest part of the offshore Gippsland Basin.
The JV comprises Carnarvon Hibiscus Pty Ltd, Gippsland Hibiscus Pty Ltd and 3D Oil Ltd. Hibiscus indirectly owns Carnarvon Hibiscus and Gippsland Hibiscus.
Additionally, the company also holds a 13% stake in 3D Oil.
In total, Hibiscus has a 78.3% interest in the VIC/P57 JV.
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