Oil Basins to Get 2% Royalty for Hydrocarbons Produced in Permit Vic/P47
Oil Basins Ltd. (OBL) reported Wednesday that documents were signed today which, with National Offshore Petroleum Titles Administrator (NOPTA) approval and registration, will see OBL's wholly owned subsidiary Oil Basins Royalties Pty Ltd. attain a 2.0 percent overriding royalty interest (ORRI) on all hydrocarbons produced within the three graticular blocks comprising offshore Gippsland Basin Permit Vic/P47 and in particular the undeveloped Judith and Moby Gasfields in Victoria, Australia.
Following approvals the Vic/P47 Joint Venture stakeholders will be:
- Oil Basins Ltd. - 50 percent and Operator
- Shelf Oil Pty Ltd. (a wholly owned subsidiary of OBL) - 50 percent
- Oil Basins Royalties Pty Ltd. (a wholly owned subsidiary of OBL) - 2.0 percent ORRI
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