NOPTA Grants OBL 2 Year Extension for Permit Vic/P47 in Gippsland Basin
Oil Basins Limited (OBL or the Company) provided Wednesday the following update on the Company's ongoing activities in offshore Permit Vic/P47 which was acquired by the Oil Basins Limited Group (OBL Group) in November 2014 and which hosts the Judith Gas Field (Judith-1 discovery well) and Moby Location (Moby-1 discovery well) in the Gippsland Basin, offshore Australia.
- The OBL Group received formal approval July 28 from the National Offshore Petroleum Titles Administrator (NOPTA) for an extension of two years until Aug. 25, 2017 in which to apply for either a Retention Lease or Production License over the block covering the Moby Location within Permit Vic/P47.
- The approved two year extension will enable the Vic/P47 Joint Venture to complete and critically evaluate the new amplitude variation with offset (AVO) / quantitative interpretation (QI) study of the integration of the Moby 3D seismic and Esso Northern Fields 3D seismic to enable better definition of the 2C resources delineated at both Moby Gas Field and overall definition of mapped P50 resources prospectivity
The Vic/P47 Joint Venture Participants are: (OBL Group net 100 percent):
- Oil Basin Limited: 50 percent and Operator
- Shelf Oil Pty Ltd. (OBL's 100 percent owned subsidiary): 50 percent
- Oil Basins Royalties Pty Ltd. (OBL's 100 percent owned subsidiary): 2 percent ORRI (Overriding Royalty Interest)
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