Hibiscus unit offered production licence

Hibiscus Petroleum Bhd's unit, Carnavon Hibiscus Pty Ltd, on behalf of its VIC/P57 joint venture, has been offered a
production licence over the West Seahorse oilfield in the offshore Gippsland Basin in Australia.

The licence was offered by the National Offshore Petroleum Titles
Administrator of Australia (NOPTA) to the company, and in a separate notice, NOPTA has also approved the Field Development Plan for West Seahorse.

"The licence represents a key milestone for the West Seahorse project," the company said in a filing to Bursa Malaysia.

It said the approval of the development plan is also a key milestone that indicates acceptance of the development concept of West Seahorse and associated geosciences and engineering planning.

"West Seahorse is being developed by the VIC/P57 joint venture comprising Carnarvon Hibiscus (50.1 per cent) which is operator for the VIC/P57 permit and ASX-listed 3D Oil Ltd (49.9 per cent).

"Under the NOPTA's rules, Carnarvon Hibiscus has 90 days to accept the offer and be awarded the West Seahorse Production Licence," it added.

Hibiscus Petroleum is Malaysia's first listed independent exploration and production company