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.
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