Melbourne, July 18, 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.
On 17 July 2012 the Company was advised that the regulatory approval has been received and the transfer from Strategic Energy Resources Limited (ASX:SER) of a direct 7.5% interest in Vic/P41 to OBL is now complete.
The Vic/P41 Joint Venture now consists of:
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.