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3D Oil Limited sells interest in West Seahorse oil field


Published Aug 19, 2014
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3D Oil Ltd.

3D Oil Limited says that, pursuant to the VIC/L31 Option Deed dated 4 July 2014, Carnarvon Hibiscus Pty Ltd ('CHPL') has exercised the VIC/L31 Option to acquire the VIC/L31Remaining Interest from 3D Oil Limited for a consideration of USD14.05 million.

The payment of the VIC/L31 Option Consideration and the completion of the acquisition of the VIC/L3 Remaining Interest (together with the completion of VIC/L31 Sale Interest pursuant to the VIC/L31 SPA) will be effected subsequent to the relevant approvals being obtained from NOPTA.

Upon completion of the transfer, TDO will have no remaining interest and no further obligations to VIC/L31, which contains the West Seahorse oil field, and CHPL will hold 100% interest.

Tags: 3D Oil Ltd.



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