Gippsland Basin focused 3D Oil has reached a A$27 million farm in deal with Malaysian oil and gas explorer Hibiscus Petroleum Berhad that will allow it to progress development of the West Seahorse oil field in VIC/P57.

3D Oil managing director Noel Newell told Proactive Investors that the transaction would allow 3D Oil to become an oil producer within two years.

“I am just happy that we have completed what I think is a very good transaction in a very poor market,” he added.

Tags: 3D Oil Ltd.