Oil Basins Ltd (ASX:OBL) has entered into an agreement with Ochre Group Holdings Ltd (ASX:OGH) for the sale of its royalty-earning subsidiary for $400,000.
The wholly owned subsidiary owns the right to earn 2% over-riding royalty interests from three permits - Vic/P47, Derby Block EP 487 and Cyrano R3/ R1.
The consideration for the sale will be the recent advance of $400,000 by Ochre to Oil Basins, concerning a mandate agreement for ongoing corporate advisory and funding arrangement services.
The sale of the subsidiary is subject to satisfactory due diligence, execution of a sale and purchase agreement and obtaining any necessary approvals.
Ochre has expressed its interest to assist Oil Basins with any potential corporate activity, financing or investment opportunities going forward.
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