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OBL to Get 2% Royalty for Hydrocarbons Produced in Permit Vic/P47

Source: www.gulfoilandgas.com 12/3/2014, Location: Not categorized

Oil Basins Ltd. (OBL) reported that documents were signed today which, with National Offshore Petroleum Titles Administrator (NOPTA) approval and registration, will see OBL's wholly owned subsidiary Oil Basins Royalties Pty Ltd. attain a 2.0 percent overriding royalty interest (ORRI) on all hydrocarbons produced within the three graticular blocks comprising offshore Gippsland Basin Permit Vic/P47 and in particular the undeveloped Judith and Moby Gasfields in Victoria, Australia.

Following approvals the Vic/P47 Joint Venture stakeholders will be:
Oil Basins Ltd. - 50 percent and Operator
Shelf Oil Pty Ltd. (a wholly owned subsidiary of OBL) - 50 percent
Oil Basins Royalties Pty Ltd. (a wholly owned subsidiary of OBL) - 2.0 percent ORRI

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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