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Oil Basins Ltd Announces Acquisition Of 100% Of Equity Of Green Rock Energy Ltd's Wholly Owned Subsidiary Greenrock Canning Basin Pty Ltd


Thursday, 13 Jun 2013 07:04pm EDT 

Oil Basins Ltd announced that after the close of business on June 13, 2013 it had executed a Memorandum of Understanding with Green Rock Energy Ltd for the acquisition of 100% of the equity of GRK's wholly owned subsidiary Greenrock Canning Basin Pty Ltd formerly called OBL Backreef No.5 Pty Ltd; holding a 20% beneficial interest in the Backreef Area, Canning Basin. The agreed terms are as follows: OBL will provide GRK or nominee 25 million new OBL ordinary shares, nominally issued at 2.0 cents per share (escrowed for three calendar months) and nominal adjustments of existing and future cash calls resulting in a final payment of circa $39,000 to OBL. Formal agreement and settlement is expected on or before June 20, 2013. This transfer and assignment back to OBL is subject to the requisite stakeholder approvals, following which OBL and subsidiaries (collectively the OBL Group) will hold a 100% beneficial interest in the Backreef Area. 

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22 Jul 2014