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.
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