Australia

Australia at a Glance

Hibiscus Petroleum, through our wholly-owned subsidiary Carnarvon Hibiscus Pty Ltd (Carnarvon Hibiscus) has interests in three licences located in the prolific oil and gas producing province of the Bass Strait of Australia.

We also have a 11.68% interest in 3D Oil Limited (3D Oil), a company listed on the Australian Stock Exchange. Through 3D Oil, we have indirect exposure to two additional exploration licences.

Bass Strait Assets

Licences:
VIC/RL17 (Previously VIC/L31)
VIC/P57
VIC/P74

Location:
Gippsland Basin, Offshore Victoria

Water Depth:
50m

1) VIC/RL17 (Previously VIC/L31)

Hibiscus Petroleum’s Interest:
100%

Operator:
Carnarvon Hibiscus Pty Ltd (Carnarvon Hibiscus)

Field Life Cycle:
Development

Discovered Field:
West Seahorse

Status:
Retention Lease application for VIC/L31 Production Licence submitted on 4 December 2018. On 5 November 2021, NOPTA granted approval of this application subject to the work program stated in the title instrument and associated conditions to be met. The Retention Lease is now called VIC/RL17.

2) VIC/P57

Hibiscus Petroleum’s Interest:
75.1%

Operator:
Carnarvon Hibiscus

Field Life Cycle:
Exploration

Exploration Acreage:
246km2

Prospects:
Felix, Pointer

Minimum Guaranteed Work Programme (compulsory):
Years 1-3 (March 2018 – March 2022)

  • Geological and geophysical studies including petroleum systems analysis/modelling
  • Reprocessing of 230km2 of the Northern Fields 3D seismic data
  • Seismic interpretation and depth conversion

Secondary Work Programme (optional):
Year 4 (April 2022 – March 2023)

  • One exploration well

Year 5 (April 2023 – March 2024)

  • Geological and geophysical studies

Status:
Minimum guaranteed work programme completed ahead of time. Currently in the process of farming out the licence.

Note: On 17 May 2021, NOPTA granted a 12-month suspension of the VIC/P57 permit conditions with a corresponding 12-month extension to the VIC/P57 permit term.

3) VIC/P74

Hibiscus Petroleum’s Interest:
50%

Operator:
3D Oil Limited (3D Oil)

Field Life Cycle:
Exploration

Exploration Acreage:
1,006km2

Work Programme:
Phase 1: Prospect Generation Phase

  • Purchase reprocessed 3D seismic data to progress geological and geophysical studies in order to refine
    resource assessments and enable prospect ranking

Phase 2: Well Drilling Phase (Optional)

  • Drill exploration well(s)
  • If it is required that a well or wells be drilled after the primary first three years of the prospect generation phase, Carnarvon Hibiscus shall be the operator of the permit, whereas 3D Oil shall continue to be the operator for geological & geophysical operations
  • However, if there is a farm‐in for a substantial interest in the Permit that will require drilling a well or wells by the farmee, the farmee will become the operator instead for all operations

 

4) Investments:

3D Oil, a company listed on the Australian Stock Exchange is an associate company of Hibiscus Petroleum. As at 1 October 2019, Hibiscus Petroleum holds 11.68% indirect interest in 3D Oil. 3D Oil holds interests in four offshore exploration licences:

A. VIC/P57
24.9%

B. VIC/P74
50%

C. T/49P
20%
Location:
Otway Basin adjacent to the Thylacine Gas Field

D. WA-527-P
100%
Location:
Bedout sub‐basin, adjacent to the recent significant oil discovery at Dorado

Highlights

NUMBER OF LICENCES1

3

2C OIL RESOURCES2

8.0

MMbbl
POINTER PROSPECT BEST ESTIMATE PROSPECTIVE GAS RESOURCES3

177

Bscf
FELIX PROSPECT BEST ESTIMATE PROSPECTIVE OIL RESOURCES3

12

MMbbl
BIGFIN PROSPECT BEST ESTIMATE PROSPECTIVE GAS RESOURCES⁴

251

Bscf
NUMBER OF PROSPECTS3

3

TOTAL EXPLORATION ACREAGE4

1,252

km2
WELLS DRILLED

1

Exploration Well

NOTES:

¹ Includes the 50% participating interest in VIC/P74.
² Based on Hibiscus Petroleum’s direct interest in VIC/RL17.
³ Based on Hibiscus Petroleum’s direct interest in VIC/P57.
⁴ Based on Hibiscus Petroleum’s direct interest in VIC/P74.
⁵ Acreage in VIC/P57 and VIC/P74.

 

KEY:

  • 2P Oil Reserves – Proven and probable oil reserves
  • 2C Oil Resources – Best estimate contingent oil resources
  • MMbbl – Million barrels
  • Bscf – Billions of standard cubic feet of gas
  • km2 – Square kilometres
  • NOPTA – National Offshore Petroleum Titles Administrator, Australia