September 2012 Quarterly Activities Report
Highlights during the September quarter:
- The Company continued work on advancing a number of projects in its portfolio including a Cyrano contingent resources upgrade, preparations to drill East Blina-1 in the Canning Basin, and furtherance of native title arbitration concerning petroleum exploration permit application 5/07-8 EP in the Canning Basin.
- The Company announced in early September the awarding of a rig contract to Dynamic Drilling to use their Rig#17 based in Chinchilla South East Queensland for the East Blina-1 petroleum exploration well.
- OBL acquired an initial 19.9% interest in Bass Strait Oil Company Ltd (ASX:BAS) in late July, which was subsequently diluted to circa 17.4% by a significant placement and a rights issue by BAS in August and September.
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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.
Oil Basins Limited
Bass Strait Oil Company Limited