Sign up Australia
Proactive Investors - Run By Investors For Investors

Oil Basins acquires interest in Gippsland Basin oil permit

Oil Basins acquires interest in Gippsland Basin oil permit

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.





Register here to be notified of future OBL Company articles
View full OBL profile View Profile

Oil Basins Timeline

Newswire
January 07 2015
Newswire
September 16 2014
Newswire
December 20 2013

Related Articles

carnarvon-petroleum-MD-Adrian-Cook-757.jpg
February 03 2017
Adrian Cook discussed the company's 2017 exploration plan with investors.
Egyptian pyramids
June 01 2017
The AIM-listed group transformed itself at the start of the year with the US$30mln acquisition of the Egyptian and Moroccan assets of failed fellow AIM firm Circle Oil
One of Iofina's plants in Oklahoma where it produces iodine from brine water taken as by product from oil fields
April 11 2017
A recent debt deal and the prospect of improving markets bode well for the AIM group's continuing recovery

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use