3D Energi (ASX:TDO) said that the Korea National Oil will enter the joint ventures with 3D Energi and ConocoPhillips Australia in the Otway basin exploration permits VIC/P79 and T/49P, according to a Friday Australian bourse filing.
3D Energi retains a 20% participating interest in both permits, while ConocoPhillips will farm down its interest to 51%, with Korea National Oil assuming a 29% interest in both ventures. ConocoPhillips will retain operatorship of the joint ventures.
The entry of the South Korean firm into the ventures is subject to the Foreign Investment Review Board and other regulatory approvals.
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