3D Oil has completed the farmout of T/49P in the Otway Basin to ConocoPhillips following approval from the National Offshore Petroleum Titles Authority (NOPTA).
Under the terms of the joint operating agreement (JOA), ConocoPhillips will hold an 80 per cent interest in the permit and become operator.
As a result, 3D Oil will receive a $5 million cash payment in recognition of previous permit expenditure, with ConocoPhillips acquiring a 3D seismic survey of 1580km2 within the permit.
Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.