Oil Basins (ASX:OBL) is raising $235,000 through a placement for general working capital and to maintain its leverage to attractive oil and gas assets within its portfolio.
The placement of 47 million shares priced at $0.005 each was made to existing sophisticated investors.
Recently, the company received approval to vary the fifth year work program for VIC/P47 in the Gippsland Basin offshore Victoria and increased resources at the Greater Cyrano Oil Field by 28% to 13.4 million standard tank barrels.
Rey Resources (ASX:REY) is also poised to become the company’s new partner at petroleum exploration licence EP487 (Derby Block) in the Canning Basin, Western Australia, by acquiring Backreef Oil’s 50% stake.
The Derby Block covers 5,000 square kilometres and is considered to be prospective for hydrocarbons.
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