Malaysia's Hibiscus Petroleum In Aussie Joint Venture

MELBOURNE, May 2 (Bernama) -- Malaysian company Hibiscus Petroleum has joined Melbourne-based 3D Oil (ASX:TDO) as a partner in the 9.2 million-barrel West Seahorse oilfield in Bass Strait, Australia. Hibiscus invested A$27 million (US$27.7 million) in the joint venture, taking up a 13 per cent equity stake in 3D for A$2 million (US$2.05 million), "The Australian" newspaper reports. "The funding gave Hibiscus a 50.1 per cent share of the permit containing West Seahorse, 14km offshore from Ninety Mile Beach," the newspaper said. The partners have just settled on a development concept for West Seahorse. It would involve a leased mobile offshore production unit that would produce the oil into a leased floating storage and offload vessel. -- BERNAMA