Oil Basins Limited (ASX codes OBL & OBLO) was listed on the ASX on 23 August 2006 and is involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased its leverage across all of its assets and has increased its exposure to attractive and prospective areas with the Canning Basin.

The key attributes of the Company’s exploration portfolio are as follows:

1. Attractive Gippsland / Canning Basin portfolio offering shareholders highly leveraged interests to a balanced portfolio of high and medium risk oil & gas
2. Exceptional leverage with Oil Basins owning formal legal rights to a 12.5% interest in Offshore Permit Vic/P41 – a highly prospective (medium risk) permit with six drill-ready 3D & AVO defined oil prospects including Kipling, Oscar West & Cotton of combined gross P10 prospective recoverable resources potential delineated as 713 MMbbls plus 3.1 Tcf (Gross Risked P10 Potential is presently estimated at 1,231 MMBoe).
3. The Vic/P41 permit is well situated nearby significant discoveries and developments including Basker/Manta, Kipper and Sole. In the northern area of the permit the Kipling/Benchley ‘wet gas’ prospects are ontrend on the Rosedale Fault to Kipper Development, whilst in the southern area of the permit the multiple Oscar ‘oil’ prospects are ontrend to the producing Basker FPSO Oil & Gas Hub. There is potential for future tie-backs to both facilities.
4. Very high leverage (at modest cost) to potentially a high reward “new stratigraphic play” the Backreef prospect within the Blina Back Reef Play Joint Venture Area to be drilled in mid-2008 in the Canning Basin, with Oil Basins owning rights to 50% net interest in this potentially a 270 MMBbls prospective recoverable resources potential oil target – net upside circa 135 MMBbls (importantly - nearby under-utilised existing infrastructure and within an existing production licence L6 – recently renewed in mid-2006 for 21 years and situated within 4 km of the Blina Oil Hub).
5. During 2007, the Company has also added to its Canning Basin portfolio with formal rights to 20% of Drilling Reservation DR9 and was recently successfully awarded along with its JV Partner Backreef Oil Limited a net 50% interest in Application Area L07-1.

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Company’s Exploration Interests

The Company is intending to become involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia (refer to Figure 1) and has entered into formal farmin agreements so as to attain its initial project interests.

Company’s Exploration Interests