News and Announcements
Oil Basins Farmout of Up to 20% Backreef Area for Up to 3.6 Million
- Published April 02, 2012 2:26PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Oil Basins Limited (ASX codes OBL, OBLOA & OBLOB) and Green Rock Energy Limited (ASX code GRK) have executed a Heads of Agreement (HOA) relating to the farmout of up to a 20% interest in the Backreef Area, Canning Basin, Western Australia with an up-front Option Payment from GRK of $1.1 million.
This will fund 100% of the Backreef-1 cased hole production test estimated at $900,000 and thereafter GRK will contribute to it pro rata and, should GRK elect to participate at 20% in the Backreef Area, GRK has agreed to contribute a further $2.5million on future operations such as an Extended Production Testing of Backreef-1 and/or the drilling and completion of a second well or Backreef-2 appraisal or East Blina-1 exploration well by 31 October 2012.
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