Oil Basins Gets NOPTA's Approval to Acquire 25% Stake in Permit Vic/P47

Australia's Oil Basins Ltd. (OBL) announced Thursday that further to the Australian Securities Exchange (ASX) Release dated May 14, the company wishes to advise that it has attained approval and registration by the National Offshore Petroleum Titles Administrator (NOPTA) for the acquisition and transfer of a 25 percent interest in Vic/P47, including the Moby Gas Field Location, offshore Gippsland, Australia to the OBL Group.

NOPTA has approved that the transfer of the 25 percent interest in Vic/P47 be equally divided between OBL and OBL's wholly owned subsidiary Shelf Oil Pty Ltd.

OBL will issue Strategic Energy Resources Limited 6.0 million new OBL ordinary shares at $0.0188 (AUD 0.02) per share to finalize this transaction.

The Vic/P47 Joint Venture Participants will become:

  • Seaquest Petroleum Pty Ltd. - 40.00 percent and Operator
  • Enegex N.L.* - 19.25 percent
  • Moby Oil & Gas Ltd. - 15.75 percent
  • Oil Basins Ltd. - 12.50 percent
  • Shelf Oil Pty Ltd. - 12.50 percent

* subject to NOPTA approval and registration

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