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Oil Basins raises funds

Oil Basins raises funds

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.

 

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.

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Oil Basins Ltd Timeline

Newswire
September 16 2014

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