logo-loader

Oil Basins raises additional working capital

Published: 19:20 30 Sep 2013 AEST

no_picture_pai

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.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 49 minutes ago