Australia's Oil Basins Ltd. announced Monday that further to the ASX Release dated Nov. 14, the Directors of the firm (OBL or the Company) are pleased to make the following update on the Company’s ongoing activities in Vic/P47 which was recently acquired by the Albers Group.
Vic/P47 Variation Application
On Oct. 15 the former Vic/P47 Joint Venture Partners lodged a formal application with NOPTA to vary the Vic/P47 Year 5 work program to comprise reprocessing 77.2 square miles (200 square kilometers) of the Northern Fields 3D over the southern part of Vic/P47 and conducting seismic inversion and AVO of the new reprocessed 3D so as to improve/upscale the previous Operator’s contingent resources with the application of modern geophysics (similar to what has occurred in OBL Group’s Vic/P47 Permit and to seek to de-risk a future well site in lieu of drilling an exploration well (in year 5).
As the surviving participant in the Vic/P47 Joint Venture, the OBL Group will benefit from any decision by NOPTA as to the Variation (a decision is pending).
As of Nov. 14, the Vic/P47 Joint Venture Participants (subject to NOPTA approval and registration) are:
So as to further assist funding and liberating value to shareholders, OBL also offers Shelf Oil Pty Ltd. (Shelf Oil) as an immediate entry platform for a Third Party into the now high priced East Coast Gas Market.
In addition to owning net 17.5 percent of Exploration Permit Vic/P47 (highly prospective for wet gas), Shelf Oil, subject to NOPTA approval will increase its net 12.5 percent interest to 50 percent of nearby Exploration Permit Vic/P47 which hosts the undeveloped Judith Gas Field and the undeveloped Moby Location (all defined in 3D seismic).
Data has been exchanged and confidential discussions continue with a number of interested parties and OBL is seeking Farmin/Acquisition interest for both permits.
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