OBL to buy 25% interest in Vic/P47 from SER (Australia)

Oil Basins Limited (OBL) has acquired a share in a block located in southeast Australia’s Bass Strait.

 

OBL has executed formal agreements with Strategic Energy Resources Ltd (SER) whereby the Company acquires SER’s 25% interest in Vic/P47, including the Moby Gas Field Location.

OBL has nominated that this interest be split 50/50 between OBL and OBL’s wholly owned subsidiary Shelf Oil Pty Ltd (Shelf).

Subject to formal transfers being approved by all Vic/P47 stakeholders, OBL will issue SER 6.0 million new OBL ordinary shares at 2.0 cents per share to finalise this transaction.

OBL said it would make a further subsequent announcement when this transaction is complete and the shares are issued.

The Vic/P47 exploration permit is located in the offshore Gippsland Basin, approximately 10 kilometres from the coast and south of the Victorian town of Orbost, with water depths ranging up to 80 metres.

Vic/P47 contains the Judith and Moby gas discoveries located close to existing and planned infrastructure in adjacent licences. The Judith discovery also contains certified gas resources (Gaffney Cline & Associates 2008) and 22 kilometres to the west, the Longtom Field has undertaken the first gas production from the same geological unit as Judith.

In 2012, an interpretation of the simultaneous seismic inversions undertaken on the reprocessed Moby 3D seismic volume and 200 square kilometres of the Northern Fields 3D seismic survey was completed. This work covered both the Judith and Moby fields and assisted in delineating the boundaries.

Vic/P47 Interest: Seaquest Petroleum Operator 40.0%; Moby Oil & Gas 35.0%; Shelf Oil (100% OBL) 12.5%; OBL 12.5% .

May 14, 2014

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