East Blina-1 Update
East Blina-1 Update
Perth, Oct 8, 2012 AEST (ABN Newswire) - Oil Basins Limited (ASX:OBL) as designated Operator on behalf of the Backreef Area Joint Venture (OBL net 80% and Green Rock Energy Limited (ASX code GRK) net 20% beneficial interests respectively), has since mid-August 2012 been advancing approvals for the drilling of the East Blina-1 petroleum exploration well within L6 in the Canning Basin (Figure 1 in link below).

The Company is pleased to advise that late on 5 October 2012 it attained interim approval from the Department of Mines and Petroleum (DMP) to conduct site clearing and installation of cellar and conductor at East Blina-1, pending finalisation of the Environment Plan (EP).

Site clearing operations commenced on 6 October 2010.

The EP approval is expected during the coming week, but has been impacted and delayed by the newly introduced WA environment legislation (which became law early in September 2012) which introduces a number of new requirements relating to the listing on the public DMP website of mud and additives properties, and potentially proprietary commercial formulae, with OBL seeking the approval of the mud company (Supplier) for this disclosure.

The East Blina-1 is the first onshore exploration well in WA to be impacted by this new legislation and the Company, its Supplier and the DMP are working co-operatively to finalise a way forward.

Alternatively, OBL will substitute all synthethic mud additives and modern polymer mud with natural muds and additives and re-lodge the Drilling Application and finalise the EP (including DMP website disclosure of muds and additives) on that basis.

In the interim (as all other approvals have already been attained) OBL has mobilised the Dynamic Drilling Rig #17 from Chinchilla and it is expected to arrive on the prepared well site on Sunday 14 October 2012.
It is anticipated that East Blina-1 will spud on or before Tuesday 16 October 2012 (subject to DMP Approval) and be completed ahead of the deadline to drill the
farmin commitment well by 31 October 2012.

EAST BLINA-1 PETROLEUM EXPLORATION WELL
Interests: OBL 80%, GRK 20%
Operator: Oil Basins Limited
Spud Date: 16 October 2012 (subject to change)
Longitude: 124° 31' 38.51" East
Latitude: 17° 36' 56.14" South
Total Depth: 1210m
Target: Basal Yellow Drum dolomites - Laurel oil play (gross reservoir column 27m)
Duration: Less than 11 days - drill and logging and wireline testing/sampling

To View the included figure, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-OBL-380077.pdf



About Oil Basins Limited

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.

 


Contact

Oil Basins Limited
T: +61-3-9692-7222
F: +61-3-9529-8057
WWW: www.oilbasins.com.au



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