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3D Oil announced Monday that Carnarvon Hibiscus Pty Ltd, a subsidiary of Malaysia’s Hibiscus Petroleum Berhad, has exercised the an option to acquire the remaining interest in VIC/L31 , with the permit located in the Gippsland Basin, offshore Victoria, Australia from 3D Oil for a consideration of $14.05 million.

Upon completion of the transfer, 3D will have no remaining interest and no further obligations to VIC/L31.

VIC/L31 contains the West Seahorse oil field in the Gippsland Basin.

Carnarvon Hibiscus will hold 100 percent interest.