Production Licence Awarded for West Seahorse Oil Field (Australia)

Hibiscus Petroleum has announced that the National Offshore Petroleum Titles Administrator (NOPTA) of Australia has on 5 December 2013, awarded the VIC/P57 joint venture, a Production Licence VIC/L31, over the West Seahorse oil field in the offshore Gippsland Basin, Victoria, Australia.

Production Licence Awarded for West Seahorse Oil Field (Australia)

“The Production Licence award provides greater certainty to the West Seahorse project. A Final Investment Decision is currently expected in the first half of 2014, with production targeted a year later,” Hibiscus said in a statement.

The VIC/P57 joint venture comprises Hibiscus Petroleum‘s subsidiary, Carnarvon Hibiscus Pty Ltd (50.1%) which is Operator for the VIC/P57 permit and ASX-listed 3D Oil Limited (49.9%).

The development of the field  will consist of production via a leased Mobile Offshore Production Unit (MOPU) in to a leased tanker serving as a Floating Storage and Offloading (FSO) Vessel which will enable crude oil sales both locally and internationally.

The field life is anticipated to be 4 to 5 years, dependent on a number of factors including operating costs and oil price. Initial production rates are expected to be as high as 12,000 barrels of oil per day.

December 06, 2013


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