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Melbourne, Oct 13, 2011 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) are pleased to make the following ASX announcement relating to the award of the Retention Lease R3, newly designated as R3 / R1 containing the undeveloped Cyrano Oil Field, offshore Carnarvon Basin, Western Australia (WA) so as to keep the market fully informed.
As a matter of record, on 11 October 2011, the Designated Authority on the authority of the WA Minister of Mines and Petroleum has formally awarded the Company Retention Lease R3 / R1 for 5 years until 10 October 2016 - which the Company holds as to 100%.
As previously stated to the ASX on 5 October 2011, OBL is very pleased with this award and notes that Cyrano is integral to its strategic focus in assessing the potential commercial viability of shallow water, previously considered stranded, sub-marginal oil reservoir hub developments. The Company is examining the use at Cyrano of a combination of the latest 3D seismic interpretation, advances in reservoir completion and pump technologies, and low cost proven re-deployable surface equipment.
ASX:OBL) are pleased to make the following ASX announcement relating to the award of the Retention Lease R3, newly designated as R3 / R1 containing the undeveloped Cyrano Oil Field, offshore Carnarvon Basin, Western Australia (WA) so as to keep the market fully informed.As a matter of record, on 11 October 2011, the Designated Authority on the authority of the WA Minister of Mines and Petroleum has formally awarded the Company Retention Lease R3 / R1 for 5 years until 10 October 2016 - which the Company holds as to 100%.
As previously stated to the ASX on 5 October 2011, OBL is very pleased with this award and notes that Cyrano is integral to its strategic focus in assessing the potential commercial viability of shallow water, previously considered stranded, sub-marginal oil reservoir hub developments. The Company is examining the use at Cyrano of a combination of the latest 3D seismic interpretation, advances in reservoir completion and pump technologies, and low cost proven re-deployable surface equipment.
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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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