Octanex closer to acquiring interest in Derby Block

Octanex NL

Octanex NL disclosed Monday that it has been advised by Oil Basins Ltd. that the Department of Primary Industry of the State of Western Australia has granted the Petroleum Exploration Permit 487 (PEP 487), covering the Derby Block in Western Australia to Oil Basins and Back Reef Oil Ltd. PEP 487 derives from Petroleum Exploration Permit Application 5/07-8.

In January 2013, Octanex announced that it has entered into an agreement with Oil Basins to purchase a 25% interest in the Derby Block. The 25% interest in PEP 487 is the first onshore acquisition made by Octanex and was motivated by Octanex’s perception of the high prospectivity of the Derby Block for unconventional oil and gas and coal seam gas.

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