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Melbourne, Nov 23, 2010 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) wishes to make the following ASX Announcement, so as to keep the market fully informed.
As provided for in the Backreef Play Agreement (Agreement) of October 2008:
- The Backreef-1 well was drilled to at least 1500m by 31 October 2010 and accordingly a 100% beneficial interest in the Backreef Area, Canning Basin, Western Australia has been earned.
- OBL, the OBL subsidiaries and Backreef Oil Pty Limited (BOPL) may vary interests ahead of a formal Joint Venture Agreement being formally executed.
- OBL and the OBL subsidiaries do not presently elect to relinquish their beneficial interest in the Backreef Area .
Rather, OBL has agreed to allot and issue 2 million fully paid ordinary shares to BOPL in return for its agreement that it has no further beneficial interest in the Backreef Area and that OBL and the OBL subsidiaries will hold an aggregate 100% beneficial interest in the Backreef Area, Canning Basin, Western Australia following the drilling of the Backreef-1 well.
OBL has advised the permit titleholder Buru Energy Limited (ASX:BRU) of this transaction.
ASX:OBL) wishes to make the following ASX Announcement, so as to keep the market fully informed.As provided for in the Backreef Play Agreement (Agreement) of October 2008:
- The Backreef-1 well was drilled to at least 1500m by 31 October 2010 and accordingly a 100% beneficial interest in the Backreef Area, Canning Basin, Western Australia has been earned.
- OBL, the OBL subsidiaries and Backreef Oil Pty Limited (BOPL) may vary interests ahead of a formal Joint Venture Agreement being formally executed.
- OBL and the OBL subsidiaries do not presently elect to relinquish their beneficial interest in the Backreef Area .
Rather, OBL has agreed to allot and issue 2 million fully paid ordinary shares to BOPL in return for its agreement that it has no further beneficial interest in the Backreef Area and that OBL and the OBL subsidiaries will hold an aggregate 100% beneficial interest in the Backreef Area, Canning Basin, Western Australia following the drilling of the Backreef-1 well.
OBL has advised the permit titleholder Buru Energy Limited (
ASX:BRU) of this transaction.| Tweet |
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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>>>        Buru Energy Limited>>>      Oil Basins Limited |
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