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Oil Basins Limited (ASX:OBL) Backreef-1 Drilling Update No.4 At Canning Basin Operations
Oil Basins Limited (ASX:OBL) Backreef-1 Drilling Update No.4 At Canning Basin Operations

Melbourne, Oct 18, 2010 AEST (ABN Newswire) - Oil Basins Limited (googlechartASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area, Canning Basin, onshore Western Australia (WA):

1. On 16 October the road to Backreef-1 from the nearby Blina Oilfield Battery was sufficiently repaired to permit the safe transport of 800m of 245mm (9-5/8 inch) diameter surface casing to the rig site. As previously advised in the previous Backreef-1 Drilling Report No. 3, during a period of three days from the evening Monday 11 October an estimated circa 250mm (8 inches) of rain had fallen in the immediate region of the rig site, which prevented the safe movement of all materials and personnel, both to and from site.

2. After some 46 hours were loss due to weather related issues, operations recommenced at 18:00hrs 16 October and the 311mm (12-1/4 inch) diameter hole was slightly deepened to 744mRT.

3. Early on 18 October, the 245mm (9-5/8 inch) diameter casing was successfully cemented at 742.7mRT.

4. As at 6:00am WST 18 October, current operations were waiting on cement.

5. The immediate forward operations are as follows. After installation and testing the well blow-out preventors (BOP's) and conducting a formation integrity test (FIT), drilling operations are anticipated to resume with a 216mm (8-1/2 inch) diameter bit by mid/late Wednesday 20 October.

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

By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning upto 90% of Backreef-1 and the Backreef Area.

For the complete Oil Basins announcement including figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63971-ASX-OBL-343791.pdf

Contact

Kim McGrath
Chairman
Oil Basins Limited
Tel: +61-3-9692-7222
Email: admin@oilbasins.com.au
http://www.oilbasins.com.au



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