http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Tue, 17 Oct 2017 13:00:31 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Oil Basins to lift cash for strategic asset in the Gippsland Basin ]]> http://www.proactiveinvestors.com.au/companies/news/184335/oil-basins-to-lift-cash-for-strategic-asset-in-the-gippsland-basin-184335.html Oil Basins Ltd (ASX:OBL) is looking to tap into the electricity shortfall occurring on East Coast of Australia, with the company holding a strategic asset in the Gippsland Basin, which is adjacent to the BHP/ExxonMobil Kipper field.

The basin is Australia’s premier hydrocarbon province, and is located 200 kilometres east of Melbourne.

Oil Basins has this morning been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Monday 25th September 2017, or earlier if an announcement is made to the market.

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Thu, 21 Sep 2017 11:03:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184335/oil-basins-to-lift-cash-for-strategic-asset-in-the-gippsland-basin-184335.html
<![CDATA[News - Oil Basins, Thred and Covata top the ASX % Gainers intra-day ]]> http://www.proactiveinvestors.com.au/companies/news/182298/oil-basins-thred-and-covata-top-the-asx-gainers-intra-day-182298.html Oil Basins Ltd (ASX:OBL) is the best performing stock on the ASX in midday trade, with the company jumping 100% to $0.006 on over 7 mln shares changing hands.

The positive re-rating comes after the completion of seismic reprocessing across Vic/P47.

Mapping and analysis of the reprocessed data has identified significantly larger Conventional Gas Potential than previously defined.

Vic/P47 is located within Australia’s premier oil and gas province, the offshore Gippsland Basin in Bass Strait.

table.tableizer-table { font-size: 12px; border: 1px solid #CCC; font-family: Arial, Helvetica, sans-serif; } .tableizer-table td { padding: 4px; margin: 3px; border: 1px solid #CCC; } .tableizer-table th { background-color: #104E8B; color: #FFF; font-weight: bold; } Company Code Last Change Trades Volume Oil Basins OBL $0.006 100% 22 7,331,691 Thred THD $0.008 33.33% 24 6,384,292 Covata CVT $0.053 26.19% 120 5,276,607 Axiom Mining AVQ $0.245 25.64% 361 7,113,534 Vita Group VTG $1.565 25.20% 1465 5,168,952 Merlin Diamonds MED $0.006 20% 3 390,000 Alara Resources AUQ $0.012 20% 1 11,700 Chapmans CHP $0.006 20% 1 166,666 Mec Resources MMR $0.033 17.86% 1 250 Wonhe Multimedia WMC $0.195 14.71% 1 2,600

 

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Fri, 11 Aug 2017 11:45:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182298/oil-basins-thred-and-covata-top-the-asx-gainers-intra-day-182298.html
<![CDATA[News - Oil Basins Ltd to sell royalty-earning subsidiary to Ochre Group Holdings Ltd ]]> http://www.proactiveinvestors.com.au/companies/news/165254/oil-basins-ltd-to-sell-royalty-earning-subsidiary-to-ochre-group-holdings-ltd-70650.html Oil Basins Ltd (ASX:OBL) has entered into an agreement with Ochre Group Holdings Ltd (ASX:OGH) for the sale of its royalty-earning subsidiary for $400,000.

The wholly owned subsidiary owns the right to earn 2% over-riding royalty interests from three permits - Vic/P47, Derby Block EP 487 and Cyrano R3/ R1.

The consideration for the sale will be the recent advance of $400,000 by Ochre to Oil Basins, concerning a mandate agreement for ongoing corporate advisory and funding arrangement services.

The sale of the subsidiary is subject to satisfactory due diligence, execution of a sale and purchase agreement and obtaining any necessary approvals.

Ochre has expressed its interest to assist Oil Basins with any potential corporate activity, financing or investment opportunities going forward.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 24 Aug 2016 16:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165254/oil-basins-ltd-to-sell-royalty-earning-subsidiary-to-ochre-group-holdings-ltd-70650.html
<![CDATA[News - Oil Basins Ltd to reveal material capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/165253/oil-basins-ltd-to-reveal-material-capital-raising-70274.html Oil Basins Ltd (ASX:OBL) is preparing to outline details of a material capital raising, with the ASX granting the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Tuesday 9th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 05 Aug 2016 11:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165253/oil-basins-ltd-to-reveal-material-capital-raising-70274.html
<![CDATA[News - Oil Basins Ltd among ASX % Gainers intra-day ]]> http://www.proactiveinvestors.com.au/companies/news/160273/oil-basins-ltd-among-asx-gainers-intra-day-67879.html Tuesday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Oil Basins Ltd OBL $0.002 100% 1,500,000 Anglo Australian Resources NL AAR $0.019 46.15% 2,583,905 Broken Hill Prospecting Ltd BPL $0.036 33.33% 1,471,556 Maximus Resources Ltd MXR $0.004 33.33% 14,282,286 Invion Ltd IVX $0.008 33.33% 1,223,060 Zeta Petroleum PLC ZTA $0.080 33.33% 6,500 Marenica Energy Ltd MEY $0.150 30.44% 33,333 Inca Minerals Ltd ICG $0.005 25% 10,338,828 Xstate Resources Ltd XST $0.005 25% 250,000 Mod Resources Ltd MOD $0.047 23.68% 53,980,445

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 05 Apr 2016 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160273/oil-basins-ltd-among-asx-gainers-intra-day-67879.html
<![CDATA[News - Oil Basins raises funds ]]> http://www.proactiveinvestors.com.au/companies/news/160272/oil-basins-raises-funds-59949.html Oil Basins (ASX:OBL) is raising $235,000 through a placement for general working capital and to maintain its leverage to attractive oil and gas assets within its portfolio.

The placement of 47 million shares priced at $0.005 each was made to existing sophisticated investors.

Recently, the company received approval to vary the fifth year work program for VIC/P47 in the Gippsland Basin offshore Victoria and increased resources at the Greater Cyrano Oil Field by 28% to 13.4 million standard tank barrels.

Rey Resources (ASX:REY) is also poised to become the company’s new partner at petroleum exploration licence EP487 (Derby Block) in the Canning Basin, Western Australia, by acquiring Backreef Oil’s 50% stake.

The Derby Block covers 5,000 square kilometres and is considered to be prospective for hydrocarbons.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Jan 2015 15:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160272/oil-basins-raises-funds-59949.html
<![CDATA[News - Oil Basins boosts bank balance ]]> http://www.proactiveinvestors.com.au/companies/news/160271/oil-basins-boosts-bank-balance-57598.html Oil Basins (ASX:OBL) has agreed to the placement of 70 million new shares at $0.008 to existing sophisticated investors to raise a gross amount of $560,000.

Funds raised will be for general working capital purposes and to maintain leverage to attractive assets such as the Derby Block within its portfolio.

In July, OBL completed the acquisition of a 25% interest in the VIC/P47 Permit in the Gippsland Basin offshore Victoria from Strategic Energy Resources (ASX:SER).

The company issued SER with 6 million shares at $0.02 each for the stake, a substantial premium to OBL's share price.

VIC/P47 has two undeveloped gas discoveries in the Judith and Moby Gas Fields with an estimated combined recoverable 2C and P50 gas resources of 150 billion cubic feet.

Late last year, Oil Basins had also increased its stake in the VIC/P41 permit also offshore Gippsland to 35.435%, having acquired Shelf Oil, which has a 17.5% interest in the exploration permit, from SER.

Both permits are close to well-developed regional infrastructure including the Patricia-Baleen Regional Subsea Hub and the Onslow Gas plant.

OBL is valued at $7 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 16 Sep 2014 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160271/oil-basins-boosts-bank-balance-57598.html
<![CDATA[News - Oil Basins acquires interest in Gippsland Basin oil permit ]]> http://www.proactiveinvestors.com.au/companies/news/160270/oil-basins-acquires-interest-in-gippsland-basin-oil-permit-56170.html Oil Basins (ASX:OBL) has completed its acquisition of a 25% interest in the VIC/P47 Permit in the Gippsland Basin offshore Victoria from Strategic Energy Resources (ASX:SER).

The company issued SER with 6 million shares at $0.02 each for the stake.

VIC/P47 has two undeveloped gas discoveries – Judith Gas Field (1989) and Moby Gas Field (2005) with an estimated combined recoverable 2C and P50 gas resources of about 150 billion cubic feet.

Late last year, Oil Basins had also increased its stake in the VIC/P41 permit also offshore Gippsland to 35.435%, having acquired Shelf Oil (which has a 17.5% interest in the exploration permit) from Strategic.

Both permits are close to well-developed regional infrastructure including the Patricia-Baleen Regional Subsea Hub and the Onslow Gas plant.

Once the VIC/P47 option is successfully exercised, the combined Oil Basins/Shelf net share of the variation 2014 Work Program is likely to be around $50,000.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Jul 2014 09:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160270/oil-basins-acquires-interest-in-gippsland-basin-oil-permit-56170.html
<![CDATA[News - Oil Basins raises funds for working capital ]]> http://www.proactiveinvestors.com.au/companies/news/160269/oil-basins-raises-funds-for-working-capital-55945.html Oil Basins (ASX:OBL) has raised $437,500 through a placement of shares for general working capital purposes and to maintain or assist its leverage to attractive and highly prospective assets within its portfolio.

Notably, the placement of 35 million shares to professional investors was priced at $0.0125 each, a 35% premium to its recent trading price.

The company was recently granted petroleum exploration permit EP487 and has started initial work.

It has also finalised all environmental submissions relating to the Backreef Area.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 30 Jun 2014 18:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160269/oil-basins-raises-funds-for-working-capital-55945.html
<![CDATA[News - Oil Basins opts to acquire Strategic Energy Resources' 25% interest in Gippsland Basin permit ]]> http://www.proactiveinvestors.com.au/companies/news/160268/oil-basins-opts-to-acquire-strategic-energy-resources-25-interest-in-gippsland-basin-permit-53013.html Oil Basins (ASX:OBL) has opted to acquire the 25% interest of Strategic Energy Resources in the VIC/P47 Permit in the Gippsland Basin that includes the recently discovered Moby Gas Field and the Judith Gas discovery.

The option was exercised following offshore regulator NOPTA, which granted the suspension and extension applied for the permit and also approved the variation of the Year 4 Work Programme.

Once the deal is approved, Oil Basins will issue Strategic 6 million new shares at $0.02 a share.

The VIC/P47 has two undeveloped gas discoveries – Judith Gas Field (1989) and Moby Gas Field (2005) with an estimated combined recoverable 2C and P50 gas resources of about 150 billion cubic feet.

Late last year, Oil Basins had also increased its stake in the VIC/P41 permit also offshore Gippsland to 35.435%, having acquired Shelf Oil (which has a 17.5% interest in the exploration permit) from Strategic.

That deal was done for a consideration of 7 million new Oil Basins shares priced at $0.02 a share to be issued to Strategic.

Both permits are close to well-developed regional infrastructure including the Patricia-Baleen Regional Subsea Hub and the Onslow Gas plant.

Once the VIC/P47 option is successfully exercised, the combined Oil Basins/Shelf net share of the variation 2014 Work Programme is likely to be around $50,000.


Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 20 Feb 2014 13:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160268/oil-basins-opts-to-acquire-strategic-energy-resources-25-interest-in-gippsland-basin-permit-53013.html
<![CDATA[News - Oil Basins raises additional working capital ]]> http://www.proactiveinvestors.com.au/companies/news/160267/oil-basins-raises-additional-working-capital-51761.html Oil Basins (ASX: OBL) has raised $201,500 for additional working capital through a placement of shares to long-term local sophisticated shareholders.

The company had on 23 December received a favourable decision from the Federal Court in Perth regarding petroleum exploration permit 5/07-8EP (Derby Block) in Western Australia.

It found that the native title party’s application to extend time for appeal against the Native Title Tribunal’s decision to grant the permit based on proposed questions of law was not warranted after a thorough examination of each of the propositions advanced by the native title party.

Oil Basins is now waiting on the Western Australia Minister for Mines and Petroleum to issue the permit.

The Derby Block comprises an area of approximately 5,063 square kilometres in the highly prospective onshore Canning Basin.

Octanex (ASX: OXX) is acquiring a 25% interest in the permit.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 10 Jan 2014 12:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160267/oil-basins-raises-additional-working-capital-51761.html
<![CDATA[News - Oil Basins in pre-open ]]> http://www.proactiveinvestors.com.au/companies/news/160266/oil-basins-in-pre-open-51344.html Oil Basins (ASX: OBL) is in pre-open this morning following the ASX granting the company a trading halt.

OBL requested the halt pending an announcement to the market in relation to the Federal Court Appeal decision on the Derby Block in the Canning Basin, Western Australia.

The company has been informed that the Federal Court judgement in the future act appeal matter regarding the Derby Block (WAD80/2013) will be handed down at 11am Perth time on Monday 23 December 2013.

The halt will remain in place until the opening of trade on Tuesday 24th December 2013, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Dec 2013 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160266/oil-basins-in-pre-open-51344.html
<![CDATA[News - Oil Basins increasing interests in offshore Victoria oil and gas tenements ]]> http://www.proactiveinvestors.com.au/companies/news/160265/oil-basins-increasing-interests-in-offshore-victoria-oil-and-gas-tenements-50297.html Oil Basins (ASX: OBL) has executed an agreement to acquire Shelf Oil Pty Ltd from Strategic Energy Resources (ASX: SER), increasing its stake in exploration permit VIC/P41 offshore Victoria by 17.5% to 35.435%.

It will issue SER 7 million shares priced at $0.02 each for 100% of the equity of Shelf.

Oil Basins has also been granted a conditional exclusive option over SER’s 25% interest in Vic/P47.

This can be exercised by issuing SER a further 6 million OBL shares.

The transactions increase the company’s exposure to the new gas supply/price dynamics on Australia’s east coast where gas prices have been steadily rising as shortages are forecast to occur from 2017.

Both VIC/P41 and VIC/P47 are located close to regional gas infrastructure and have modern 3D seismic data and defined prospects.

VIC/P47 has two undeveloped gas discoveries – Judith and Moby that have combined recoverable gas resources estimated at about 150 billion cubic feet.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Nov 2013 08:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160265/oil-basins-increasing-interests-in-offshore-victoria-oil-and-gas-tenements-50297.html
<![CDATA[News - Oil Basins raises additional working capital ]]> http://www.proactiveinvestors.com.au/companies/news/160264/oil-basins-raises-additional-working-capital-48612.html Oil Basins (ASX: OBL) has raised $420,000 for working capital purposes through a placement of shares to local sophisticated and international professional investors.

The placement of 21 million shares priced at $0.02 each with came with a free attaching option exercisable at $0.04 on or before 30 June 2014 for each share subscribed.

The company is awaiting the grant of the Derby Block in the onshore Canning Basin, Western Australia, that is on trend with Buru Energy’s (ASX: BRU) Valhalla Basin Centred Gas asset and is prospective for both conventional and unconventional oil and gas.

It and joint applicant Backreef Oil had in February received a determination by the Native Title Tribunal that they should be awarded the block.

However, this determination was subsequently appealed by the Native Title claimants and the appeal was heard on 30 July 2013 by the Federal Court with judgment reserved for written decision.

Once this occurs, it will take action to enforce its legal rights to enable the priority farmin of Octanex (ASX: OXX) to the Derby Block in respect of any interests held by both OBL and Backreef Oil.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 30 Sep 2013 19:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160264/oil-basins-raises-additional-working-capital-48612.html
<![CDATA[News - Oil Basins raises funds to market oil and gas opportunities to Chinese investors ]]> http://www.proactiveinvestors.com.au/companies/news/160263/oil-basins-raises-funds-to-market-oil-and-gas-opportunities-to-chinese-investors-46477.html Oil Basins (ASX: OBL) has raised $200,000 through a placement of 10 million shares to international professional investors to support the marketing of its oil and gas business opportunities to Chinese based investors.

Proceeds will also be used as ‘top-up” working capital as it awaits the grant of the Derby Block in the onshore Canning Basin, Western Australia.

The company and joint applicant Backreef Oil had in February received a determination by the Native Title Tribunal that they should be awarded the block.

However, this determination was subsequently appealed by the Native Title claimants and the appeal was heard on 30 July 2013 by the Federal Court with judgment reserved for written decision.

Oil Basins had said then that it was confident of a successful outcome.

Once this occurs, it will take action to enforce its legal rights to enable the priority farmin of Octanex (ASX: OXX) to the Derby Block in respect of any interests held by both OBL and Backreef Oil.

Octanex will acquire a 25% interest in the Derby Block, which covers 5,063 square kilometres, from Oil Basins for $1.75 million.

The Derby Block is on trend with Buru Energy’s (ASX: BRU) Valhalla Basin Centred Gas asset and is prospective for both conventional and unconventional oil and gas.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Aug 2013 18:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160263/oil-basins-raises-funds-to-market-oil-and-gas-opportunities-to-chinese-investors-46477.html
<![CDATA[News - Oil Basins raises funds to promote opportunities to Chinese investors ]]> http://www.proactiveinvestors.com.au/companies/news/160262/oil-basins-raises-funds-to-promote-opportunities-to-chinese-investors-45258.html Oil Basins (ASX: OBL) has raised funds to assist the company with marketing its business opportunities to Chinese based investors, pending the grant of the Derby Block, now anticipated during August 2013.

The placement comprised five million new with international professional investors at $0.02 to raise $100,000, which is a premium to the recent trading average of around $0.015.

The Derby Block, known as exploration permit 5/07-8, is located in the Canning Basin and covers over 5000 square kilometres. The area is under-explored with only three deep petroleum exploration wells in the permit area or nearby to-date.

During the March quarter 2013 Oil Basins executed a binding transaction with Octanex N.L. (ASX: OXX) to divest a net 25% interest of the Derby Block effective after grant.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Jul 2013 18:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160262/oil-basins-raises-funds-to-promote-opportunities-to-chinese-investors-45258.html
<![CDATA[News - Oil Basins ups VIC/P41 holding to 17.9% following regulatory approval ]]> http://www.proactiveinvestors.com.au/companies/news/160261/oil-basins-ups-vicp41-holding-to-179-following-regulatory-approval-43229.html Oil Basins (ASX:OBL) has upped its holding at VIC/P41 offshore in Gippsland Basin in Victoria to 17.935% following regulatory approval.

Oil Basins increased its stake by about 5.435% after an agreement with Moby Oil & Gas to acquire its entire 25% stake was pre-empted by Bass Strait Oil.

With the Oil Basins stake increase, the ownership of the VIC/P41 joint venture becomes Bass Strait Oil holding 64.565% and being the operators and Strategic Energy Resources  holding 17.5%.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 14 May 2013 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160261/oil-basins-ups-vicp41-holding-to-179-following-regulatory-approval-43229.html
<![CDATA[News - Oil Basins increases stake in offshore Victoria oil and gas permit ]]> http://www.proactiveinvestors.com.au/companies/news/160260/oil-basins-increases-stake-in-offshore-victoria-oil-and-gas-permit-42370.html Oil Basins (ASX: OBL) has increased its stake in VIC/P41 offshore Victoria by 5.435% to 17.935% after operator Bass Strait Oil Company (ASX: BAS) exercised its pre-emption rights.

Oil Basins had originally agreed to acquire up to 25% in the permit from Moby Oil and Gas (ASX: MOG) for a nominal sum.

However, Bass Strait chose to take up its share of interest, increasing its stake to 64.565%.

VIC/P41 is located close to producing oil and gas fields and contains a number of prospects, the largest of which could host 800 billion cubic feet of gas and 40 million barrels of oil.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 23 Apr 2013 11:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160260/oil-basins-increases-stake-in-offshore-victoria-oil-and-gas-permit-42370.html
<![CDATA[News - Oil Basins close to securing Canning Basin oil and gas block ]]> http://www.proactiveinvestors.com.au/companies/news/160259/oil-basins-close-to-securing-canning-basin-oil-and-gas-block-39076.html Oil Basins (ASX: OBL) has secured Native Title approval for its application for petroleum exploration permit 5/07-8 EP in the Canning Basin, Western Australia.

The National Native Title Tribunal had issued its formal arbitration determination last Friday, allowing the grant of the permit under the Native Title Act.

Oil Basins said the Western Australia Minister for Mines and Petroleum may grant the permit to its joint applicant and itself subject to formal conditions outlined by the government and also subject to the Aboriginal Heritage Conditions it has proposed.

Permit 5/07-8 EP covers 5,062 square kilometres and remains largely under explored with just three deep exploration wells drilled to date in the permit or nearby.

Exploration will target the Poole and Upper Grant Formation sands for conventional oil and gas while the permit also holds the potential for both coal seam gas and shale gas.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 04 Feb 2013 12:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160259/oil-basins-close-to-securing-canning-basin-oil-and-gas-block-39076.html
<![CDATA[News - Oil Basins set to raise up to 2.37M via share placement and 25% asset divestment ]]> http://www.proactiveinvestors.com.au/companies/news/160258/oil-basins-set-to-raise-up-to-237m-via-share-placement-and-25-asset-divestment-38656.html Oil Basins (ASX:OBL) is set to raise up to 2.37 million through a placement of 17.85 million new shares and via the sale of 25% equity from its Derby block to Octanex NL (ASX:OXX).

As part of the placement, Oil Basins is looking to raise about $625,000 at 3.5 cents per share. The shares will also have a free option attached on a one to one basis, which can be exercised at 4 cents before 30 June 2014.

The placement sees the Albers Group and Octanex associate increase its shareholding by 15 million to 17.22 million as well as hold 15 million options.

After the placement, Octanex will hold 3.02% directly of Oil Basins, while the Albers Group, which is a substantial shareholder in Oil Basins will increase its overall interest in the company to 9.97%.

The money raised will be used toward working capital.

Separately, Oil Basins is also set to divest a 25% stake at its yet-to-be-granted Derby Block permit in Western Australia to Octanex for $1.75 million.

The sale agreement between the two companies provides for the adoption of a joint venture agreement and interim cooperation relating to the Derby Block.

It is anticipated that the Western Australian government will finalise the formal grant of the Derby permit in the next couple of months. Oil Basins is expected to get 50% of the Derby ownership.

Oil Basins will be the operator of the permit and the funds currently raised via the proposed sale are sufficient to fund its work commitment obligations for its remaining 25% permit for all of year 1 work program and portion of its year 2 work program.

The year 1 program includes a 500 line kilometres 2D seismic survey this year.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 24 Jan 2013 10:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160258/oil-basins-set-to-raise-up-to-237m-via-share-placement-and-25-asset-divestment-38656.html
<![CDATA[News - Oil Basins to release details on capital raising ]]> http://www.proactiveinvestors.com.au/companies/news/160257/oil-basins-to-release-details-on-capital-raising-38206.html Oil Basins (ASX: OBL) will soon update the market on a capital raising that will place it in a position to accept and finalise any formal grant of a Western Australia exploration permit.

The company has placed its shares into an ASX trading halt.

Oil Basins is awaiting the grant of 5/07-8EP in the Canning Basin.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Jan 2013 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160257/oil-basins-to-release-details-on-capital-raising-38206.html
<![CDATA[News - Oil Basins spudding 3 million barrel prospective Canning Basin oil well ]]> http://www.proactiveinvestors.com.au/companies/news/160256/oil-basins-spudding-3-million-barrel-prospective-canning-basin-oil-well-34538.html Canning Basin explorer Oil Basins (ASX: OBL) will today spud an exploration well targeting up to 3.1 million barrels of in-place oil.

Final approval for drilling of the East Blina-1 well was received last night from the Western Australia Department of Mines and Petroleum, allowing drilling to start with no rig or equipment standby cost penalties.

Green Rock Energy (ASX: GRK) is taking a 20% stake in the Backreef Area where East Blina-1 is located and has already paid Oil Basins the A$2.5 million well cost.

Oil Basins will retain 80% of the Backreef Area and 100% of any benefits from a potential Buru Energy (ASX: BRU) back-in.

East Blina-1 has a planned total depth of 1,210 metres and targets the Laurel oil play.

Drilling is expected to take less than 11 days before logging, wireline testing and production tests are carried out if necessary.

 

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Tue, 16 Oct 2012 11:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160256/oil-basins-spudding-3-million-barrel-prospective-canning-basin-oil-well-34538.html
<![CDATA[News - Oil Basins to target 3M barrel Canning Basin oil well ]]> http://www.proactiveinvestors.com.au/companies/news/160255/oil-basins-to-target-3m-barrel-canning-basin-oil-well-34236.html Oil Basins (ASX: OBL) expects to spud its East Blina-1 exploration well in the onshore Canning Basin on or before 16 October that targets up to 3.1 million barrels of in place oil.

This is subject to finalisation of the Environment Plan which had been impacted and delayed by newly introduced Western Australian environment legislation that requires public listing of mud and additives properties.

Oil Basins is not seeking approval from the supplier of the drilling mud to release information on their proprietary commercial formulae.

Alternatively it will substitute all synthethic mud additives and modern polymer mud with natural muds and additives and re-lodge the Drilling Application and finalise the Environment Plan.

The company is required to drill the well before 31 October 2012 under the farm-in agreement with Green Rock Energy (ASX: GRK).

Green Rock has the option to take a 5% interest in the Backreef Area by paying an additional A$625,000 or a 20% stake by paying A$2.5 million for future operations.

This will be applied to the cost of drilling East Blina-1.

Oil Basins will retain 80% of the Backreef Area and 100% of any benefits from a potential Buru Energy (ASX: BRU) back-in.

 

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Mon, 08 Oct 2012 12:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160255/oil-basins-to-target-3m-barrel-canning-basin-oil-well-34236.html
<![CDATA[News - Oil Basins and Green Rock Energy contracts a rig for Canning Basin oil well ]]> http://www.proactiveinvestors.com.au/companies/news/160254/oil-basins-and-green-rock-energy-contracts-a-rig-for-canning-basin-oil-well-32323.html Petroleum explorers Oil Basins (ASX: OBL) and Green Rock Energy (ASX: GRK) have contracted a rig to drill the East Blina-1 exploration well in the Canning Basin that targets up to 3.1 million barrels of in place oil.

The joint venture have entered into a Letter of Intent for the Dynamic Drilling Rig 17 to drill the 1100 metre East Blina-1 as well as an option for a second well.

The rig is currently in Roma and its use is expected to reduce both drilling and mobilisation costs compared to other rigs.

East Blina-1 is expected to spud in early October 2012 and will be completed ahead of the deadline for the Backreef Area farm-in commitment well by 31 October 2012 that Green Rock had agreed to.

Green Rock has the option to take a 5% interest in the Backreef Area by paying an additional A$625,000 or a 20% stake by paying A$2.5 million for future operations.

This will be applied to the cost of drilling East Blina-1.

Oil Basins will retain 80% of the Backreef Area and 100% of any benefits from a potential Buru Energy (ASX: BRU) back-in.

 

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Tue, 14 Aug 2012 09:57:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160254/oil-basins-and-green-rock-energy-contracts-a-rig-for-canning-basin-oil-well-32323.html
<![CDATA[News - Oil Basins increases stake in prospective offshore Gippsland Basin permit ]]> http://www.proactiveinvestors.com.au/companies/news/160253/oil-basins-increases-stake-in-prospective-offshore-gippsland-basin-permit-30165.html Petroleum explorer Oil Basins (ASX: OBL) has increased its interest in Vic/P41 offshore Gippsland Basin, Victoria, to 12.5%, increasing its exposure to easterly extensions of two producing trends in the region.

Strategic Energy Resources (ASX: SER) had earlier this month reached a formal agreement to transfer a 7.5% stake in the permit to Oil Basins.

This has since been approved by all joint venture partners in regulatory authorities.

Operator Bass Strait Oil Company (ASX: BAS) has called for tenders for a seismic vessel to shoot the Stanton 3D seismic survey towards the end of 2012 or early 2013.

This will cover Lead A in the permit and will help provide a consistent data set from which to determine the optimal exploration drilling target to test the Golden Beach play.

Vic/P41was renewed for a five year term starting November 29, 2011.

The 540 square kilometre permit is located 40 kilometres from the coast and southwest of Orbost, Victoria, with water depths ranging from 80 to 200 metres.

Besides Lead A, the permit contains the Kipling, Benchley and Oscar prospects.

Lead A, Kipling and Benchley are on trend with and analogous to the Kipper Field, which is about 20 kilometres to the west, while the Oscar prospects are on trend and analogous to the Basker
Manta Gummy fields 10 km to the west. 

The ExxonMobil owned Kipper field holds recoverable reserves of 620 billion cubic feet of gas and 30 million barrels of condensate. First production is expected next year.

The Basker Manta Gummy fields started producing oil in December 2006. Production was halted in August 2010 and operator Roc Oil (ASX: ROC) is evaluating options for a Phase 2 gas development.

Partners in Vic/P41 are now Bass Strait Oil (45%), Moby Oil & Gas (25%), Strategic Energy Resources (17.5%) and Oil Basins (12.5%).

 

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Fri, 15 Jun 2012 12:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160253/oil-basins-increases-stake-in-prospective-offshore-gippsland-basin-permit-30165.html
<![CDATA[News - Oil Basins has to find better oil filled location in the onshore Canning Basin ]]> http://www.proactiveinvestors.com.au/companies/news/160252/oil-basins-has-to-find-better-oil-filled-location-in-the-onshore-canning-basin-29421.html Canning Basin focused Oil Basins (ASX: OBL) has confirmed the presence of oil at the Backreef-1 well but will need to find a better updip location in the Backreef Area for a successful oil producer.

Production testing of the key Gumhole Formation resulted in flows into the wellbore calculated at about 1000 barrels per day. No liquid flowed to the surface.

However, the gradient survey indicated that most of the liquid was water though small amounts of oil were observed in the well after the packer was unseated and samples recovered both before and after the packer was pulled out of the hole.

The collected oil appears to be very light and similar to the downdip Blina oil field about 7 kilometres to the west.

Testing of the shallower Yellow Drum Formation failed to find observable traces of oil.

Oil Basins said the permeability and porosity of the Gumhole Formation at the Backreef-1 location demonstrated potential commercial productivity.

It added that if could find better sited well locations updip from Backreef-1 with the Gumhole full of oil, Oil Basins would have a serious company maker on its hands.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres

Oil Basins and Green Rock Energy (ASX: GRK), which has a 20% stake in the Backreef Area, have options to follow up on the Backreef-1 results by using the 2 drilling slot options included in the testing contract with Australian Drilling Services.

 

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Tue, 29 May 2012 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160252/oil-basins-has-to-find-better-oil-filled-location-in-the-onshore-canning-basin-29421.html
<![CDATA[News - Oil Basins: Backreef-1 Production Test announcement pending, halt granted ]]> http://www.proactiveinvestors.com.au/companies/news/160251/oil-basins-backreef-1-production-test-announcement-pending-halt-granted-29296.html Canning Basin focused Oil Basins (ASX: OBL) has some potentially very interesting news on the horizon, with the ASX today granting the company a trading halt pending an update to the market in relation to the Backreef-1 Production Test.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

Oil Basins had said previously that a modestly successful testing would value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to itself.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

Oil Basins and Green Rock Energy (ASX: GRK), which has a 20% stake in the Backreef Area, will also have options to follow up on the discovery by using the 2 drilling slot options included in the testing contract with Australian Drilling Services.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 29 May.

 

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Fri, 25 May 2012 09:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160251/oil-basins-backreef-1-production-test-announcement-pending-halt-granted-29296.html
<![CDATA[News - Oil Basins to test Backreef oil discovery this week ]]> http://www.proactiveinvestors.com.au/companies/news/160250/oil-basins-to-test-backreef-oil-discovery-this-week-29136.html Canning Basin focused Oil Basins (ASX: OBL) now expects production testing of the onshore Backreef-1 oil discovery to start on 24 May.

This is due to a combination of downtime of the Australian Drilling Services Rig 2 and unexpected difficulty in drilling out the cement plug.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

Oil Basins had said previously that a modestly successful testing would value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to itself.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

Oil Basins and Green Rock Energy (ASX: GRK), which has a 20% stake in the Backreef Area, will also have options to follow up on the discovery by using the 2 drilling slot options included in the testing contract with Australian Drilling Services.

 

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Tue, 22 May 2012 15:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160250/oil-basins-to-test-backreef-oil-discovery-this-week-29136.html
<![CDATA[News - Oil Basins’ Canning Basin oil play gets thumbs up from Green Rock Energy ]]> http://www.proactiveinvestors.com.au/companies/news/160249/oil-basins-canning-basin-oil-play-gets-thumbs-up-from-green-rock-energy-28318.html Oil Basins’ (ASX: OBL) Backreef Area oil play in the onshore Canning Basin has received a vote of confidence after Green Rock Energy (ASX: GRK) took up the full 20% interest that it held options over.

Green Rock had in April signed a deal to acquire between 5% and 20% of the Backreef Area, where the Backreef-1 oil discovery is expected to be production tested this month, paying Oil Basins A$1.1 million as an upfront option payment.

It has now elected to pay an additional A$2.5 million to fund future operations in the area to earn the 20% interest.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

Oil Basins had said previously that a modestly successful testing would value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to itself.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

The joint venture will also have options to follow up on the discovery by using the 2 drilling slot options included in the testing contract with Australian Drilling Services.

These additional wells will be drilled either by the ADS Rig 2 that will be mobilised from the Utopia oil field in central Queensland to carry out the Backreef testing or the ADS Rig 6.

Oil Basins will retain 80% of the Backreef Area and 100% of any benefits from a potential Buru Energy (ASX: BRU) back-in.

 

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Tue, 01 May 2012 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160249/oil-basins-canning-basin-oil-play-gets-thumbs-up-from-green-rock-energy-28318.html
<![CDATA[News - Oil Basins closer to testing Backreef Oil Pool in the onshore Canning Basin ]]> http://www.proactiveinvestors.com.au/companies/news/160248/oil-basins-closer-to-testing-backreef-oil-pool-in-the-onshore-canning-basin-28131.html Onshore Canning Basin player Oil Basins (ASX: OBL) expects to start in mid May its Backreef-1 production test that if successful, will prove up the commercial potential of the Backreef Oil Pool.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

The company has said that even a moderate success will value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to itself.

It would also reduce risks for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

Testing was originally scheduled for early May, however unexpected difficult road making conditions caused the contractor’s bulldozer to be bogged down, delaying road and well site preparations.

 

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Fri, 27 Apr 2012 08:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160248/oil-basins-closer-to-testing-backreef-oil-pool-in-the-onshore-canning-basin-28131.html
<![CDATA[News - Oil Basins makes final preparations for key Canning Basin oil well production test ]]> http://www.proactiveinvestors.com.au/companies/news/160247/oil-basins-makes-final-preparations-for-key-canning-basin-oil-well-production-test-27606.html Onshore Canning Basin player Oil Basins (ASX: OBL) has all approvals needed to production test its Backreef-1 oil discovery in early May in place and is preparing for work to begin.

The company now plans to start re-clearing the road as well as the well and camp site areas early next week in readiness for the arrival of the Australian Drilling Services Rig 2.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

A modestly successful testing, which will be carried out in the first half of this year, will value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to the company.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

The test is expected to cost about A$900,000 though Oil Basins is free carried by Green Rock Energy (ASX: GRK), which is farming into the permit.

The contract with Australian Drilling Services also gives Oil Basins 2 drilling slot options for wells in the area during the second half of 2012.

These additional wells will be drilled either by the ADS Rig 2 that will be mobilised from the Utopia oil field in central Queensland to carry out the Backreef testing on or prior to May 1 or the ADS Rig 6.

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Fri, 13 Apr 2012 11:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160247/oil-basins-makes-final-preparations-for-key-canning-basin-oil-well-production-test-27606.html
<![CDATA[News - Oil Basins signs up Canning Basin partner, free carried through testing of Backreef-1 oil well ]]> http://www.proactiveinvestors.com.au/companies/news/160246/oil-basins-signs-up-canning-basin-partner-free-carried-through-testing-of-backreef-1-oil-well-27162.html Canning Basin focused Oil Basins (ASX: OBL) will be effectively free carried through production testing of the onshore Backreef-1 well after reaching a farm out deal with Green Rock Energy (ASX: GRK).

Green Rock will pay A$1.1 million as upfront payment to Oil Basins that gives it the option to take either a 5% or 20% interest in the Backreef Area.

Oil Basins has already contracted a rig to carry out the A$900,000 production test of Backreef-1, which is expected to start in early May. This may be reduced if a third party continues using the rig after Oil Basins’ program, removing the associated demobilisation costs.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

A modestly successful testing, which will be carried out in the first half of this year, will value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to the company.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

The contract with Australian Drilling Service also gives Oil Basins 2 drilling slot options for wells in the area during the second half of 2012.

These additional wells will be drilled either by the ADS Rig 2 that will be mobilised from the Utopia oil field in central Queensland to carry out the Backreef testing on or prior to May 1 or the ADS Rig 6.

Farm out deal

Green Rock has the option to take a 5% interest in the Backreef Area by paying an additional A$625,000 or a 20% stake by paying A$2.5 million for future operations.

Funds from either option will be used to carry out possible extended production testing operations at Backreef-1 and possibly drilling the Backreef-2 appraisal well; the East Blina-1 exploration well; or any approved lead no later than 31 October 2012.

Oil Basins will retain 80% of the Backreef Area and 100% of any benefits from a potential Buru Energy (ASX: BRU) back-in.

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Mon, 02 Apr 2012 10:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160246/oil-basins-signs-up-canning-basin-partner-free-carried-through-testing-of-backreef-1-oil-well-27162.html
<![CDATA[News - Oil Basins secures rig to test oil production potential of Backreef-1 well in the Canning Basin ]]> http://www.proactiveinvestors.com.au/companies/news/160245/oil-basins-secures-rig-to-test-oil-production-potential-of-backreef-1-well-in-the-canning-basin-26792.html Oil Basins (ASX: OBL) has contracted a rig to carry out cased hole production testing of its Backreef-1 in the onshore Canning Basin in early May.

It will now contract the necessary production separator, well test, wireline services support equipment and contract personnel to conduct the well test program.

Oil Basins said the cost of the test is expected to be below A$900,000 and would be further reduced if a third party operator is found to continue using the rig, removing the associated demobilisation costs.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

A modestly successful testing, which will be carried out in the first half of this year, will value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to the company.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

The contract with Australian Drilling Service also gives Oil Basins 2 drilling slot options for wells in the area during the second half of 2012.

These additional wells will be drilled either by the ADS Rig 2 that will be mobilised from the Utopia oil field in central Queensland to carry out the Backreef testing on or prior to May 1 or the ADS Rig 6.

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Fri, 23 Mar 2012 08:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160245/oil-basins-secures-rig-to-test-oil-production-potential-of-backreef-1-well-in-the-canning-basin-26792.html
<![CDATA[News - Oil Basins secures A$1.6M to test Backreef-1 oil well in the Canning Basin ]]> http://www.proactiveinvestors.com.au/companies/news/160244/oil-basins-secures-a16m-to-test-backreef-1-oil-well-in-the-canning-basin-25718.html Oil Basins (ASX:OBL) has raised A$1.6 million through a share placement to fund its 2012 exploration program including production testing of its Backreef-1 well in the onshore Canning Basin.

Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.

A modestly successful testing, which will be carried out in the first half of this year, will value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to the company.

It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.

The funds were raised through a placement of 50 million new shares priced at A$0.032 each, a 7% premium to Oil Basin’s 30 day Volume Weighted Average Price of A$0.03, to sophisticated and professional investors.

These include clients of Equity Underwriters Pty Ltd and Alpha Securities Pty Ltd.

Proceeds will also be used for working capital commitments and to pursue additional value creating projects.

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Mon, 27 Feb 2012 10:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160244/oil-basins-secures-a16m-to-test-backreef-1-oil-well-in-the-canning-basin-25718.html
<![CDATA[News - Oil Basins secures A$1.25m to test onshore Backreef 1 in the Canning Basin ]]> http://www.proactiveinvestors.com.au/companies/news/160243/oil-basins-secures-a125m-to-test-onshore-backreef-1-in-the-canning-basin-24629.html Explorer Oil Basins (ASX: OBL) has raised A$1.25 million, ensuring it is funded to move ahead with its planned 2012 exploration program which includes production testing of the Backreef-1 well, which is located onshore in the Canning Basin.

The funds were raised through a placement of 50 million new shares priced at $0.025 each to sophisticated and professional investors including Equity Underwriters, Alpha Securities, new investors and a number of existing shareholders.

RPS Energy Services had recently concluded a study commissioned by Oil Basins that estimated the Backreef Area could hold undiscovered oil-in-place volumes of 77.7 million barrels of oil (MMbbl) and mean prospective resource of about 20.6MMbbl.

Within this area, RPS has identified four leads that have the potential to be larger than the Blina oil field, which has oil-in-place of 5.7MMbbl with 1.8MMbbl produced since 1981.

In addition, two of the leads – E and F – appeared to cover areas of more than 4 square kilometres and may hold potential resources of more than 5MMbbl each.

This led Oil Basins to say that it would test the Backreef-1 well, which was cased and suspended in late 2010 after the company failed to obtain reservoir samples and satisfactory pressure tests despite intersecting about 39.2 metres of net oil pay.

This will recover any hydrocarbons to surface, characterise the poorly defined reservoir permeability and fluid properties, establish down hole and surface reservoir pressure and other factors.

Should the cased hole production test of the well prove successful, Oil Basins will consider shooting 2D seismic to determine the stratigraphic and structural nature of the Backreef Lead and better define the definition and closures of all the other leads.

The company will also prioritise drilling of the simply mapped Lead A – East Blina-1 – as the second farm-in well of the  Backreef Area on or before the end of October. Oil Basins holds a 100% interest in the Backreef Area.

 

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Mon, 30 Jan 2012 16:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160243/oil-basins-secures-a125m-to-test-onshore-backreef-1-in-the-canning-basin-24629.html
<![CDATA[News - Oil Basins granted halt pending capital raising announcement ]]> http://www.proactiveinvestors.com.au/companies/news/160242/oil-basins-granted-halt-pending-capital-raising-announcement-24574.html Explorer Oil Basins (ASX: OBL) has been granted a trading halt by the ASX pending the release of a proposed capital raising, with the company's shares placed in pre-open.

Oil Basins has not yet indicated where the potential injection of funds will be allocated, but the company is currently in a very interesting position, with a focus on the Canning Basin, Carnarvon Basin and Gippsland Basin.

Earlier in the month a report was penned by a research firm which said that Oil Basins is unusual in the junior E&P sector in that it has 2C assets (proven & probable contingent resources) of large potential value, relative to its market capitalisation.

The firm estimated a “fair and reasonable” value for the company’s assets of around $0.05 “risked”, with a highside case of $0.09 “risked”.

The halt will remain in place until the earlier of an announcement being made to the market, or the open of trade on Tuesday 31 January.

 

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Fri, 27 Jan 2012 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/160242/oil-basins-granted-halt-pending-capital-raising-announcement-24574.html
<![CDATA[News - Oil Basins inks strategic alliance to develop LNG production facility in WA ]]> http://www.proactiveinvestors.com.au/companies/news/160241/oil-basins-inks-strategic-alliance-to-develop-lng-production-facility-in-wa-9241.html Oil and gas exploration company Oil Basins (ASX: OBL) and Liquefied Natural Gas (ASX: LNG) have signed a non-exclusive Strategic Alliance Agreement (SAA) in respect of natural gas, coal seam gas and shale gas in the Canning Basin, Western Australia.

The SAA is for the purpose of evaluation and the appropriate development of projects and in particular an LNG production facility in the Canning Basin Region using feedstock from OBL.

OBL will have the right, but not obligation, to invest in any such LNG project up to a maximum of 20% on an at cost basis, however this maximum becomes 30% should OBL and its JV consortia deliver certified 2P gas reserves of at least 1.0 TCF (in accordance with SPE definitions) within 4 years of work programs commencing in the field.

Kim McGrath, chairman, said the Directors of OBL are delighted with the SAA with LNG as it demonstrates both confidence and long term support from its new Alliance Partner.

In addition to furthering Farminee interest in the company’s exploration portfolio, it represents a significant potential integrated downstream wealth creation opportunity for OBL shareholders in LNG.

On 27 July 2010, Perth-based LNG successfully subscribed, via a wholly-owned subsidiary, to the placement of 6.5 million OBL ordinary shares representing a stake of 4.94% of OBL.

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Tue, 10 Aug 2010 10:28:00 +1000 http://www.proactiveinvestors.com.au/companies/news/160241/oil-basins-inks-strategic-alliance-to-develop-lng-production-facility-in-wa-9241.html