Sign up Australia
Proactive Investors - Run By Investors For Investors

Oil Basins Ltd to sell royalty-earning subsidiary to Ochre Group Holdings Ltd

Oil Basins Ltd to sell royalty-earning subsidiary to Ochre Group Holdings Ltd

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.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.





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

Tendrara, onshore Morocco well
July 03 2017
Badile had for a long time been seen as the primary value catalyst for Sound, but that was before the AIM-quoted explorer succeeded with the Tendrara asset.
oil barrels in a stack
February 22 2017
Oil is flowing from the Opuama field into the market, now that Eland has established a shipping operation.
Offshore oil operations, North Sea
Mon
Drilling is now underway on the Statoil-led Verbier exploration well, which has the potential to be a game changer for AIM-quoted Jersey Oil & Gas.

© 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