Oil Basins Acquires 25% Interest in Permit Vic/P47 offshore Gippsland

Oil Basins Limited (OBL) reported Thursday that further to an Australian Securities Exchange (ASX) Release Nov. 18, 2013 announcing the firm's raising of its stake in permit Vic/P47 offshore Gippsland, Australia, OBL has been formally advised by Strategic Energy Resources Limited that the offshore regulator National Offshore Petroleum Titles Administrator (NOPTA) has:

  • granted the Suspension and Extension applied for Moby Oil & Gas Limited (MOG) Nov. 13, 2013; and
  • approved the Application for a Variation of the Work Program sought by MOG in an Application for Variation for the Vic/P47 Permit Year 4 work program applied for in conjunction with the said suspension and extension Applications

OBL has today formally advised SER of the exercise of its exclusive option whereby OBL acquires SER’s 25 percent interest in Vic/P47, including the Moby Gas Field Location and the Judith Gas Discovery.

Further, as permitted in the exclusive option agreement, OBL has nominated that this interest be split 50/50 between OBL and OBL’s wholly owned subsidiary Shelf Oil Pty Ltd.

Subject to formal transfers being approved by all stakeholders, OBL will issue SER 6.0 million new OBL ordinary shares at $0.018 (AUD 0.02) per share to finalize this transaction.

OBL will make a further subsequent announcement when this transaction is complete.


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