Not sure if this has been posted already - a bit more coverage for OBL, was in my inbox today via electronic newsletter, ie a bit more publicity wont hurt - source at bottom:
Cheers
Swampy;)
This morning's market mood is sponsored by Oil Basins Limited.
Oil Basins Limited Has Been Appointed as Coal Seam Gas Operator Designate for Permit 5/07-8 EP in Western Australia and Looks Forward to Discovering its Potential.
Oil Basins Limited listed on the ASX in August 2006 and is primarily focused on the exploration of oil and gas in the offshore Gippsland Basin waters of south-eastern Australia, the onshore Canning Basin and the offshore Carnavon Basin of Western Australia. Since listing, the Company has increased its leverage across all of its assets from near zero to to circa 330 MMBOE net prospective resources at a very modest price (refer to the Companys AGM announcement 25 November 2009). Recently, the Company has increased its exposure to attractive and prospective new play types such as Coal Seam Gas (CSG) and potentially Shale Gas within its prospective Canning Basin assets. These significant additional potential gas plays are not reflected in the above net prospective resources.
Importantly, all of its projects selected are situated in good hydrocarbon addresses (ie known hydrocarbon systems) and nearby to existing infrastructure hubs.
Oil Basins is a very low overhead and technically driven oil and gas exploration company and offers shareholders high exposure to an exploration portfolio that includes a range of high, medium and low risk exploration (mostly defined by modern 3D techniques in the case of all of its portfolio of offshore prospects, and the application of modern 3D techniques to vintage 2D seismic in the case of the Backreef Area - a first for the Canning Basin) and in addition exposure to a small oil field development project.
The Company recently reported on encouraging news in relation to its joint venture 5/07-8 EP in the Canning Basin.
Oil Basins Limited announced that effective from 25 March 2010, the Company has reached a formal agreement with its Western Australian Permit Application 5/07-8 EP joint venture (JV) partner Backreef Oil Pty Limited for Oil Basins appointment as CSG Operator Designate Permit 5/07-8 EP.
The permit interests upon award will be held 50% each by Oil Basins and Backreef Oil respectively.
The Companys appointment as CSG Operator Designate Permit 5/07-8 EP is subject to the usual regulatory and stakeholder consents and also to finalisation and formal issuance of the permit.
At all times, all WA Department of Mines and Petroleum, Native Title and Environmental submissions and communications will go through Backreef Oil as overall permit Operator on award.
Under the terms of this new agreement, Oil Basins agreed to fund the first $100,000 on CSG studies and independent expert assessments of the coal measures contained within the large permit and will seek interest and proposals from suitably qualified farminees to both the CSG Rights and Operatorship upon permit award (subject to the successful formal registration of the permit to both Oil Basins and Backreef Oil.
Should a successful farmin or exclusive option to farmin eventuate, any back cost payments or down-payments will be shared pro rata between Oil Basins and Backreef Oil.
As CSG Operator Designate Permit 5/07-8 EP, Oil Basins will, on behalf of its partner Backreef Oil, now manage and seek farmin interest in the future CSG Rights within Permit 5/07-8 EP and also work actively to assist Backreef Oil in Native Title discussions.
For a full market wrap, visit our Stockmarket News section http://www.theaustralianinvestor.com.au/newshome.asp
OBL Price at posting:
3.8¢ Sentiment: Buy Disclosure: Held
(20min delay)