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.
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