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Oil Basins Ltd Increases Stake in Offshore Gippsland Gassy Permits from Strategic Energy Resources Limited

Sunday, 17 Nov 2013 11:12pm EST 

Oil Basins Ltd announced that it has executed an agreement whereby Oil Basins Ltd increases its stake in offshore Gippsland to an overall combined 35.435% by acquiring the Strategic Energy Resources Limited's wholly owned subsidiary, Shelf Oil Pty Ltd (Shelf) which holds a 17.5% interest in exploration permit Vic/P41. OBL has also been granted a conditional exclusive option over SER’s 25% interest in Vic/P47, which may at OBL’s nomination be split 50/50 between OBL and Shelf on exercise, and which exercise is subject to the offshore regulator NOPTA approving a new variation and extension to the 2014 Vic/P47 Work Program as submitted by the proposed new operator. Under the terms of the executed Share Sale and Purchase Agreement for Shelf, OBL will issue SER 7.0 million new OBL ordinary shares at AUD 0.02 per share for 100% of the equity of Shelf which only holds a 17.5% interest in Vic/P41. There are no pre-emptions with this transaction. Under the terms of the exclusive option with SER for the 25% interest in Vic/P47, on exercise OBL will issue SER a further 6.0 million new OBL ordinary shares at AUD 0.02 cents per share. 

Company Quote

-0.0060 -7.89%
22 Sep 2014