Perth, Sep 25, 2012 (ABN Newswire) - The directors of Oil Basins Limited (ASX:OBL) are pleased to announce the Company's 2012 Annual Report and the following highlights. During the year ended 30 June 2012, under the first full-time year of the present board and management model, the Company achieved:
- A maiden profit of $842,515 - and as a consequence has a free carry in the forthcoming East Blina-1 exploration well - In the Eastern Gippsland Vic/P41 asset, converted two drilling options to a direct 12.5% interest at $nil, saving over $4.1m in farmin promote costs
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.