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Melbourne, Oct 15, 2010 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area Canning Basin, onshore Western Australia (WA):
1. As at 6:00am WST 14 October Backreef-1 was at a depth of 741m RT preparing to run 245mm (9-5/8 inch) diameter casing. The 311mm (12-1/4 inch) diameter hole was deepened, with the permission of the WA Department of Mines and Petroleum, after the hole failed to encounter an adequate thick casing shoe point within the Grant formation. The revised deepened casing point is located within hard siltstones.
2. Shortly after spudding, a number of significant rain events have occurred in the region of the Backreef-1 Rig Site and access road, which may cause a short delay in the running of the 245mm (9-5/8 inch) diameter casing due to poor road conditions impeding the safe movement of both materials and equipment. Should these conditions persist and lead to an extended stoppage of normal rig operations, drilling activity will be delayed to allow road repair to be undertaken to facilitate the delivery of drilling supplies.
In accordance with ASX Listing Rules, during the conduct of Backreef-1 drilling operations, OBL will advise the market weekly (on Thursdays), or after concluding an important well drilling operation and/or obtaining an important assessment or result.
By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning up to 90% of Backreef-1 and the Backreef Area.
ASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area Canning Basin, onshore Western Australia (WA):1. As at 6:00am WST 14 October Backreef-1 was at a depth of 741m RT preparing to run 245mm (9-5/8 inch) diameter casing. The 311mm (12-1/4 inch) diameter hole was deepened, with the permission of the WA Department of Mines and Petroleum, after the hole failed to encounter an adequate thick casing shoe point within the Grant formation. The revised deepened casing point is located within hard siltstones.
2. Shortly after spudding, a number of significant rain events have occurred in the region of the Backreef-1 Rig Site and access road, which may cause a short delay in the running of the 245mm (9-5/8 inch) diameter casing due to poor road conditions impeding the safe movement of both materials and equipment. Should these conditions persist and lead to an extended stoppage of normal rig operations, drilling activity will be delayed to allow road repair to be undertaken to facilitate the delivery of drilling supplies.
In accordance with ASX Listing Rules, during the conduct of Backreef-1 drilling operations, OBL will advise the market weekly (on Thursdays), or after concluding an important well drilling operation and/or obtaining an important assessment or result.
By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning up to 90% of Backreef-1 and the Backreef Area.
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About Oil Basins Limited
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.
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