Sydney, July 27, 2010 (ABN Newswire) - Oil Basins Limited (ASX:OBL) is pleased to announce the agreed placement of 6.5 million new ordinary OBL shares at A$0.04 per share to raise A$260,000.
The placement, to one Exempt Offeree under section 708 of the Corporations Law, is being undertaken at a price comparable to recent market prices, indicating good support for the Company's current plans, particularly in the Canning Basin, and settlement is expected by 30 July 2010.
The Placement will ensure OBL is adequately funded to meet our ongoing working capital commitments and to pursue additional value creating projects in Coal Seam Gas and Unconventional Shale Gas within OBL's Canning Basin interests.
Oil Basins Limited (ASX:OBL) is engaged in the investment in selected exploration production and development opportunities in the upstream oil and gas sector. Oil Basins Limited was listed on the ASX on 23 August 2006 and is involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased its leverage across all of its assets and has increased its exposure to attractive and prospective areas with the Canning Basin.
Contact
K W McGrath Chairman Tel: +61-3-9692-7222 Fax: +61-3-9529-8057 Email: admin@oilbasins.com.au www.oilbasins.com.au
ASX:OBL) is pleased to announce the agreed placement of 6.5 million new ordinary OBL shares at A$0.04 per share to raise A$260,000.
Oil Basins Limited
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