DMP Approves OBL's Plan to Vary the Work Program for Derby Block in WA

Oil Basins Limited provided Wednesday the following update in respect of the Company's 50 percent owned onshore Exploration Permit EP487 (Derby Block) in Western Australia as a matter of record.

EP 487 - Permit Interests

  • Oil Basins Limited - 50 percent and Operator
  • Rey Lennard Shelf Pty Limited - 50 percent
  • Backreef Oil Pty Limited - 0.5 percent overriding interest or ORRI (effective - pending)
  • Oil Basins Royalties Pty Limited - 2.0 ORRI (effective - pending)

The WA regulator, the Department of Mines and Petroleum (DMP), has on Feb. 2 formally given its approval for EP487 Joint Venture to vary the work program condition of Year 1 requiring the completion of 311 miles (500 kilometers) New 2D Seismic Survey and Indicative Minimum Expenditure for Year 2 (Table 1):

Under this approved variation, Year 1 is now deemed complete. The EP487 (Derby Block) completed Year 1 work program and newly approved Year 2 work program is as follows.

Table 1

  • Year 1 (Year End: Dec. 13, 2015)
    • Minimum Work Requirements - Replace 311 miles (500 kilometers) New 2D Seismic Survey with Attaining Environmental Plan Approvals for 332 miles (533.7 kilometers) 2D Seismic Survey and Reprocessing minimum of 87 line miles (140 line kilometers) of Vintage 2D Seismic to assess deep unconventional Laurel formation prospectivity as delineated by encouraging test results in nearby on-trend EP371 R2 BCG discoveries (Valhalla North-1 and Asgard-1)
    • Expenditure: $0.71 million  (AUD 1.01 million)
  • Year 2 (Year End: Dec. 13, 2016)
    • Minimum Work Requirements - Two Deep Exploration Wells
    • Expenditure: $8.76 million (AUD 12.5 million)
  • Year 3 (Year End: Dec. 13, 2017)
    • Minimum Work Requirements - Two Exploration Wells
    • Expenditure: $2.1 million (AUD 3.0 million)
  • Year 4 (Year End: Dec. 13, 2018)
    • Minimum Work Requirements - 124 miles (200 kilometers) New 2D Seismic Survey
    • Expenditure: $0.77 million (AUD 1.1 million)
  • Year 5 (Year End: Dec. 13, 2019)
    • Minimum Work Requirements - One Exploration Well
    • Expenditure: $0.79 million (AUD 1.125 million)
  • Year 6 (Year End: Dec. 13, 2020)
    • Minimum Work Requirements - One Exploration Well
    • Expenditure: $0.79 million (AUD 1.125 million)

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