Rex International has received approval for the exercise of the option to acquire a 20 per cent interest in VIC/P57 from 3D Oil by a wholly-owned subsidiary of HIREX. The binding agreements accord an option, inter alia, from 3D Oil to a wholly owned subsidiary of HIREX to acquire a 20 per cent working interest in the approx. 448 sq km concession VIC/P57, located in the northwest offshore oil-prolific Gippsland Basin, in exchange for use of the Rex Virtual Drilling technology to determine the best hydrocarbon prospects in the concession.
