Oil Basins Receives Offer to Explore Derby Block in Western Australia

Oil Basins Limited (OBL) revealed Tuesday that the Company has received from the Western Australian Department of Mines and Petroleum (DMP) formal Offer documents and the Request for Grant pro-forma in respect of Application 5/07-8 EP (Derby Block) in Western Australia. The documents specify all the standard and expected terms and conditions.

The term of the permit is to be for 6 years, and covers a large area of some 1,251,095 acres (5,063 square kilometers) situated in a relatively underexplored portion of the North West margin of the Fitzroy Trough. The Company believes that the Derby Block is highly prospective for Wet Laurel unconventional shale gas (USG) (refer to ASX Release dated Feb. 14, 2013) as it is situated ‘on-trend’ to the Valhalla Basin Centred Gas (BCG) asset to the south-east, which has proved to be highly prospective for USG.

The Company has a month to formally respond to the Offer and will advise shareholders of all progress including the outcome of any commercial and legal challenge with Backreef Oil Pty Ltd (refer to ASX Release dated Feb. 6, 2013) as to farminees.

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