Oil Basins is an independent oil and gas exploration company, with assets across 3 basins, each having reserves and/or large scale prospective resources. In summary OBL’s assets comprise:

• 100% of Retention Lease R3/R1 – Cyrano oil field (booked 3.0MMbbls 2P); • 100% of Vic/P47 – (OBL Operator - 2 gas discoveries (Judith and Moby Location – application for 2 year extension has been submitted) in the Gippsland Basin; • 35.4% of Vic/P41 (BAS is Operator) – large scale prospective resources in the Gippsland Basin; • 100% of Backreef Area, Canning Basin – technical discovery, with both shallow Dolomites and deeper highly prospective USO / Tight Oil plays; • 50% of EP487 in the Canning Basin (OBL Operator) with very large scale prospective resources. Royalties – 2% ORRI R3/R1 (Cyrano), 2% ORRI Vic/P47 (Judith & Moby Location) and net 2% ORRI (pending approval) EP487 Derby Block

It has taken some time to resolve the ownership issues surrounding EP487, however, the size of the prize in extremely large with both conventional oil plays, in addition to unconventional shale plays in the deeper Laurel “basin centred gas play”. Mean gross prospective recoverable resources of circa 18.7 Tcf gas and 462MM bbls condensate have been identified down to 4000m (with additional potential at increasing

Tags: Oil Basins Limited