ConocoPhillips triggers option to buy 20% VIC/P79 stake; Advisory Services Network lifts position 4.2%
ConocoPhillips Australia has issued a buyout notice for 3D Energi’s 20% interest in the VIC/P79 offshore permit, initiating a fair market value acquisition process with a 30-day election window and potential dilution remedies. Advisory Services Network LLC increased its ConocoPhillips stake by 4.2% to 133,576 shares.
1. Buyout Notice for VIC/P79 Stake
ConocoPhillips Australia has served a buyout notice to 3D Energi regarding its 20% interest in the offshore VIC/P79 exploration permit in the Otway Basin. This notice follows alleged defaults and initiates a process allowing ConocoPhillips to acquire the 20% stake at fair market value with a 30-day election period.
2. Joint Operating Agreement Terms
Under the joint operating agreement, ConocoPhillips holds the right to purchase 3D Energi’s stake at a fair market value determined by an agreed methodology. If it declines the option, the agreement provides for remedies including dilution of 3D Energi’s interest, with Korea National Oil Corporation retaining its 29% stake alongside ConocoPhillips’ existing 51%.
3. VIC/P79 Permit Background
The VIC/P79 permit covers approximately 2,575km² in water depths from 40m to 200m near La Bella and Pecten High gas fields tied into the Athena gas plant. Initial work included reprocessing 630km² of seismic data and drilling one exploration well by February 2025, and the Essington-1 well logged an estimated 62.6m of gas-bearing Waarre A and 33.2m Waarre C intervals in November 2025.
4. Advisory Services Network Stake Increase
Advisory Services Network LLC grew its ConocoPhillips holdings by 4.2%, acquiring an additional 5,326 shares to reach a total of 133,576 shares. This move represents a modest institutional boost in ConocoPhillips equity without additional disclosed rationale.