25 February 2014 ASX Markets Announcements Australian Stock Exchange Limited 10th Floor, 20 Bond Street Sydney NSW 2000 Dear Sirs RECEIPT OF FORMAL OFFER TO GRANT DERBY BLOCK The Directors of Oil Basins Limited (OBL, ASX codes OBL and OBLOB, or the Company) are delighted to make the following ASX announcement to keep the market fully informed. Earlier this afternoon the Company received from the WA Department of Mines and Petroleum (DMP) formal Offer documents and the Request for Grant pro-forma in respect of Application 5/07-8 EP (Derby Block) - refer to Figure 1 attached. The documents specify all the standard and expected terms and conditions. The term of the permit is to be for 6 years, and covers a large area of some 5,063 km 2 (1,251,095 acres) situated in a relatively underexplored portion of the North West margin of the Fitzroy Trough. The Company believes that the Derby Block is highly prospective for Wet Laurel unconventional shale gas (USG) (refer to ASX Release dated 14 February 2013) as it is situated ‘on-trend’ to the Valhalla Basin Centred Gas (BCG) asset to the southeast, which has proved to be highly prospective for USG. The Company has a month to formally respond to the Offer and will advise shareholders of all progress including the outcome of any commercial and legal challenge with Backreef Oil Pty Ltd (refer to ASX Release dated 6 February 2013) as to farminees. Yours faithfully Neil Doyle
OBL Price at posting:
2.0¢ Sentiment: LT Buy Disclosure: Held
