Melbourne, June 15, 2012 (ABN Newswire) - The Directors of Oil Basins Limited (ASX:OBL) are pleased to make the following ASX announcement as a matter of record so as to keep the market fully informed.
Earlier this month the Company reached formal agreement with Strategic Energy Resources Limited (ASX code SER) for the transfer and assignment of 7.5% of offshore permit Vic/P41 situated in offshore Gippsland Basin, Victoria.
This assignment has yesterday been approved by all Joint Venture parties and following regulatory approval, the ownership of the Vic/P41 Joint Venture will become:
Bass Strait Oil Company Ltd (ASX:BAS) - 45% and Operator Moby Oil & Gas Limited (ASX:MOG) - 25% Strategic Energy Resources Limited (ASX:SER) - 17.5% Oil Basins Limited (ASX:OBL) - 12.5% Over-riding Royalties - Nil
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.
ASX:OBL) are pleased to make the following ASX announcement as a matter of record so as to keep the market fully informed.
Oil Basins Limited
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