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Otway Basin, Australia (Image courtesy of Geoscience Australia)

Beach Energy announced Monday that it has acquired a 20 percent interest in the T/49P offshore exploration permit in the Otway Basin, Australia from 3D Oil.

Under the terms of the deal, Beach will pay 3D Oil $2.81 million  in cash and 3D Oil will remain as operator.

The deal includes  291 square miles of seismic acquisition program within the next 12 months, pending regulatory approvals.

The T/49P permit, located approximately 12.4 miles west of King Island, is 1,915 square miles in size with water depths of around 328 feet.