Oil Basins Limited (ASX:OBL) East Blina-1 Operations Report No. 2

Oil Basins Limited (

ASX:OBL) wishes to make the following ASX Announcement, so as to keep the market fully informed.

The Company, as designated Operator on behalf of the Backreef Area Joint Venture (OBL net 80% and Green Rock Energy Limited (

ASX:GRK) net 20% beneficial interests respectively), wishes to make the following Operations Report #2 at the East Blina-1 petroleum exploration well, within Production Licence L6, Canning Basin.

In accordance with ASX Listing Rules, during the conduct of East Blina-1 drilling operations, OBL on behalf of the Backreef Area Joint Venture will advise the market weekly (on Thursdays), or as soon as possible after concluding an important well drilling operation and/or obtaining an important assessment or result.

EAST BLINA-1 PETROLEUM EXPLORATION WELL

Interests: OBL 80%, GRK 20%

Operator: Oil Basins Limited

Spud Date: 8:00am, 17 October 2012

Depth: 354mRT @ 6:00am 21 October 2012

Surface Casing Shoe: Set 244 mm (9-5/8 inch) diameter surface casing at 349mRT

Progress: 309m since last Report

Formation Tops:
- Blina Shale 20mRT (27m higher than prognosed)
- Liveringa Formation 80mRT (24m higher than prognosed)
- Noonkanbah Formation 260mRT (25m higher than prognosed)
Current Operation: Good progress made. Waiting on cement, testing BOPs and Formation Integrity Test then drilling 244mm (8-1/2 inch) diameter production hole to TD.

Planned TD: 1210mRT

Target: Intra Yellow Drum dolomite reservoir - (gross reservoir column 27m), with a prognosed Formation Top at 1162mRT.

Well Duration: Less than 11 days* from spud-date - drill and logging and wireline testing/sampling and PVT (as appropriate).
* Anticipated subject to change

View the Announcement here:
http://media.abnnewswire.net/media/en/docs/ASX-OBL-380824.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-OBL-380824.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-OBL-380824.pdf

About Omni Bridgeway Limited

Omni Bridgeway is a publicly listed company on the ASX (Australian Stock Exchange) (ASX:OBL) since 2001 and has professionals around the world managing a global investment portfolio.