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Oil Basins
Oil Basins has had its move to strip Backreef Oil of its interest in EP 487 listed by the Western Australian State Administrative Tribunal.
The move came as Backreef failed to meet cash calls.
Oil Basins has also agreed to place 35 million new ordinary shares at 1.25c per share to raise $437,500.
The funds will go towards leveraging attractive and highly prospective assets in its portfolio as well as for working capital.
The placement is made to sophisticated professional investors and is expected to be completed in 4-6 business days.
Energy News
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