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Melbourne, Oct 21, 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. The installation and testing the well blow-out preventors (BOP's) was completed at 6:00pm WST 20 October.
2. As at 6:00am WST 21 October, operations were drilling with a 216mm (8-1/2 inch) diameter bit at 744m to prepare for the a formation integrity test (FIT).
3. As at 7:30am WST drilling operations have recommenced (refer to Figure 1 - Time versus Depth curve).
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 upto 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. The installation and testing the well blow-out preventors (BOP's) was completed at 6:00pm WST 20 October.
2. As at 6:00am WST 21 October, operations were drilling with a 216mm (8-1/2 inch) diameter bit at 744m to prepare for the a formation integrity test (FIT).
3. As at 7:30am WST drilling operations have recommenced (refer to Figure 1 - Time versus Depth curve).
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 upto 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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