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Johnson Winter & Slattery (JWS) has advised 3D Oil Limited in relation to the farmout of an 80% interest in its T/49P exploration permit in the Otway Basin to ConocoPhillips in a potentially “company making” transaction.
The deal has now been approved by National Offshore Petroleum Titles Administrator paving the way for ConocoPhillips to push ahead with a seismic survey followed by a potential exploration well in 2022.
The transaction included negotiation and execution of a joint venture operating agreement to govern 3D Oil’s relationship with ConocoPhillips in relation to the undertaking of exploration, development and production activities going forward.
The transaction was led by Partner Peter Rose and Associate Cloe Woodward. Partner Craig Wappett advised on the security aspects of the transaction.
Peter Rose said: “We are delighted to support 3D Oil Limited on this important transaction, which could play a critical role in helping to ease the supply issues expected to impact the east coast by 2024.”
About Johnson Winter & Slattery
Johnson Winter & Slattery is an independent national Australian law firm with over 65 partners and offices across Australia. We advise major Australian and international corporations and investment funds on their most challenging transactions and disputes across Australia and surrounding regions. Working closely with clients, knowing their business, and appreciating their commercial objectives, we tailor our approach to deliver cost-effective commercial outcomes.
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