3D Oil farms out majority interest in Otway Basin
Johnson Winter & Slattery has advised 3D Oil Limited on the assignment of 80 per cent interest in a T/49P exploration permit in the Otway Basin to ConocoPhillips.
Firm: Johnson Winter & Slattery (3D Oil Limited).
Deal: 3D Oil Limited has been advised in relation to the farmout of an 80 per cent interest in its T/49P exploration permit in the Otway Basin to ConocoPhillips, in a potentially “company making” transaction, the firm said.
The deal has now been approved by National Offshore Petroleum Titles Administrator, JWS added, “paving the way for ConocoPhillips to push ahead with a seismic survey followed by a potential exploration well in 2022”.
Area: Mining and petroleum.
Key players: The JWS team was led by partner Peter Rose, who was supported by associate Cloe Woodward and partner Craig Wappett.
Deal significance: Speaking about the deal, Mr Rose said: “We are delighted to support 3D Oil Limited on this important transaction, which could play a critical role in [helping ease] the supply issues expected to impact the east coast by 2024.”