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Melbourne, May 7, 2012 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) wishes to make the following announcement so as to keep the market fully informed.
The Company, as operator Backreef Area, wishes to advise that subject to receiving all necessary approvals and consents from the DMP to conduct the forthcoming Backreef-1 Production Tests the anticipated timetable is as follows:
Notes: * Site works were completed as expected on 4 May 2012. ^ Indicative and subject to change.
OBL will duly advise the market of the following:
1) When all approvals have been obtained;
2) When the ADS Rig#2 has arrived onsite; and
3) Summary of the test results at the conclusion of the Backreef-1 Production Test program.
In addition, with the significant additional costs of conducting two production tests (rather than only one as originally planned in the previous budget of $900,000) and the unforeseen additional costs associated with site works and mobilization of an appropriate camp from Geraldton (rather than Derby area), the likely revised budget is now circa $1.8 million.
Attached to this Update are the objectives of the Backreef-1 Production Test program, to view the objectives please click the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-OBL-373105.pdf
ASX:OBL) wishes to make the following announcement so as to keep the market fully informed.The Company, as operator Backreef Area, wishes to advise that subject to receiving all necessary approvals and consents from the DMP to conduct the forthcoming Backreef-1 Production Tests the anticipated timetable is as follows:
Rig-up of ADS Rig#2* 15 May^ Production testing 17 - 20 May^ Rig-down/demobilisation Circa 21 May^
Notes: * Site works were completed as expected on 4 May 2012. ^ Indicative and subject to change.
OBL will duly advise the market of the following:
1) When all approvals have been obtained;
2) When the ADS Rig#2 has arrived onsite; and
3) Summary of the test results at the conclusion of the Backreef-1 Production Test program.
In addition, with the significant additional costs of conducting two production tests (rather than only one as originally planned in the previous budget of $900,000) and the unforeseen additional costs associated with site works and mobilization of an appropriate camp from Geraldton (rather than Derby area), the likely revised budget is now circa $1.8 million.
Attached to this Update are the objectives of the Backreef-1 Production Test program, to view the objectives please click the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-OBL-373105.pdf
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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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