Oil Basins Limited Signs Agreement With Liquefied Natural Gas Limited
Favoritearea – Basins Petroleum Limited (ASX: OBL.AX) and Liquefied Natural Gas Limited (ASX: LNG.AX) (PINK: LNGLF) has signed a non-exclusive Strategic Alliance Agreement (SAA) in the case of natural gas, shale gas and coal gas layer Canning Basin, Western Australia for the purpose of evaluation and development relevant to the project and particularly the LNG production facility in the Canning Basin Region using raw materials from OBL.
OBL will have the right, but not the obligation, to invest in the LNG project up to a maximum of 20% on the cost concepts, but this should be a maximum of 30% OBL and company JV consortium provides certification 2P gas reserves of at least 1.0 trillion cubic feet (according to the definition EPS) within a four-year work program begins in the field.
Directors OBL pleased with the SAA with the LNG good because it shows the trust and long term support of the new Alliance Partner. In addition to continuing exploration Farminee interests in a portfolio company, which is a significant wealth-creating potential opportunity for shareholders integrated downstream in the LNG OBL.
The Company expects will occur close working relationship with the company’s LNG Alliance Partners, in addition, recently on July 27, 2010, successfully subscribed through its wholly owned subsidiary for the placement of 6.5 million common shares representing shares of OBL 4.94% of the OBL.
About basins Petroleum Limited:
Basins Petroleum Limited (ASX: OBL.AX) is engaged in exploration investment in selected production and development opportunities in upstream oil and gas sector. Basins Petroleum Limited listed on the ASX on August 23, 2006 and engaged in the exploration of oil and gas initially in the Gippsland Basin offshore waters south-east Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased the leverage of all assets and has increased the exposure to interesting and prospective areas with the Canning Basin.
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