(MENAFN - ABN Newswire)
The Directors of Oil Basins Limited (ASX:OBL) are pleased to make the following ASX announcement.
The Company advises that late on Friday 1 February 2013 it received the formal arbitration determination of the future act, namely allowing the grant of petroleum exploration permit 5/07-8 EP (Derby Block, refer to Figure 1 in link below), under the Native Title Act 1993 (Cth) from the National Native Title Tribunal (NNTT).
OBL is very pleased to advise that the NNTT has confirmed that the Minister for Mines and Petroleum may grant petroleum exploration permit 5/07-8 EP to the Company and its joint applicant subject to the formal conditions outlined by the government and also subject to the Aboriginal Heritage Conditions proposed by the Company, which on grant will form a contract with the Nyikina and Mangala native title party for undertaking heritage surveys.
Commenting on this 'landmark decision', Kim McGrath, Executive Chairman of OBL, stated:
- "Oil Basins Limited is pleased that the National Native Title Tribunal has decided to allow the Derby Block to be granted. This has been a long-running 5 year process and the determination has resulted in significant long-term benefits to the Company compared with the normal process for land clearance access in the region."
- "The Company now awaits an offer of formal grant and will review any conditions before making further comment."
The anticipated grant is likely during this 1Q2013.
View the full Oil Basisn announcement at the link below: