Ann: EP487 - Derby Block Update Presentation, page-6

I had a chance to read the presentation last night and I am very impressed.

This is the best material I have seen OBL produce and Albuera is right, they mean business.

The comparisons to REY and BRU are long overdue. A market cap of 5 million is ridiculous. A 3 to 4 bagger on the cards.

Also some media coverage in
Energy News Premium media report
Here is some encouraging news for OBL shareholders from the report

REY Resources and Oil Basins have finalised Rey’s 50% earn-in for the Derby Block in the Canning Basin, Western Australia, hopefully putting an end to years of sparring over ownership of the frontier block.The acquisition of a 50% interest in the Derby Block extends the company’s footprint into acreage we consider prospective for both conventional and unconventional hydrocarbons,” Rey managing director Kevin Wilson said.

The acquisition of a 50% interest in the Derby Block extends the company’s footprint into acreage we consider prospective for both conventional and unconventional hydrocarbons,” Rey managing director Kevin Wilson said.

“The Derby Block also has some of the best existing access infrastructure in the region, enabling relatively straightforward mobilisation activities.”

Rey earned its interest in the block by agreeing to meet all of Backreef’s commitments, with $2 million to be paid on grant of a production licence or, at Rey’s election, a 2% royalty on future production.

Rey also settled around $391,000 in outstanding claims on Backreef by Oil Basins in connection with past expenses incurred over the block and by granting Oil Basins a 0.5% net royalty over future production, or 1% over the whole JV area.

Oil Basins has the option of continuing on as operator if it introduces a farminee before December 31. The junior is also progressing the acquisition of seismic to meet the permit work commitments for 500 kilometres of 2D at a cost of $4 million, expected to be conducted by year’s end.

The farminee would ideally fund the seismic and two wells into the Laurel Formation shale formation on a two-for-one promote.
Oil Basins has estimated that the Laurel Formation play has the potential for a gross 18.7 trillion cubic feet (P50) in the Derby Block down to a depth of 4000m.