ConocoPhillips issues buyout notice for 3D Energi’s VIC/P79 stake

ConocoPhillips Australia has issued a buyout notice to 3D Energi relating to the latter’s 20% interest in offshore exploration permit VIC/P79 in Victoria’s Otway Basin, following earlier notifications concerning alleged defaults. 3D Energi, formerly known as 3D Oil, said it is assessing the validity of both the default and buyout notices. The notice initiates a process under the joint operating agreement that can allow ConocoPhillips, as the operator of VIC/P79, to acquire 3D Energi’s interest at a fair ...