3D Oil has completed the sale of a 20 percent working interest in the T/49P exploration permit in Otway Basin, offshore Tasmania, Australia to Beach Energy Limited and the company has received the remaining $2.31 million (AUD 2.5 million) of the $2.77 million (AUD 3 million) purchase price.

The T/49P permit was previously held at a 100 percent equity interest by 3D Oil since it was acquired via government gazettal in April 2013. 3D Oil now retains an 80 percent interest and operatorship of the T/49P joint venture, with Beach Energy holding a 20 percent interest.

T/49P is considered highly prospective for gas and is located offshore in the Otway Basin in Tasmanian waters west of King Island proximal to existing offshore gas infrastructure.

Tags: 3D Oil Ltd.