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Nopta extends Hibiscus's jv permit to 5yr
Published on: Thursday, March 08, 2018

Kuala Lumpur: The Australian National Offshore Petroleum Titles Administrator (Nopta) has extended the exploration permit of Hibiscus Petroleum Bhd's joint-venture operation in the offshore Gippsland Basin by five additional years to March 6, 2023.

In a filing with Bursa Malaysia on Wednesday, Hibiscus Petroleum said, the permit area contained seven leads and prospects, including a highly prospective gas target.

It owns 78.3 per cent interest in the exploration permit.

The VIC/P57 joint-venture consisted of Hibiscus Petroleum's wholly-owned subsidiaries, Carnarvon Hibiscus Pty Ltd (CHPL) and Gippsland Hibiscus Pty Ltd, and 3D Oil Ltd, in which the Hibiscus group holds a 13 per cent stake.

"Following 18 months of comprehensive prospectivity review by 3D Oil, as commissioned by CHPL, the evaluation revealed significant remaining commercial potential within VIC/P57, with seven leads and prospects identified," Hibiscus Petroleum said.

Managing Director, Dr Kenneth Pereira, said the company was excited about the newly-identified Pointer prospect which, from seismic data, had strong indications of the presence of gas.

"The Australian gas market is currently undersupplied and premium prices are currently being paid for gas in Southeast Australia. Hence a potential discovery at Pointer in due course would be a likely material addition to our current revenue stream," he said. – Bernama

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