Oil Basins Limited (OBL) is engaged in the exploration for oil and gas in the offshore Gippsland Basin waters of south-eastern Australia, the onshore Canning Basin of Western Australia and the offshore Carnarvon Basin waters of Western Australia. The Company�s portfolio includes three offshore and two onshore petroleum exploration permits in Australia-covering onshore and offshore oil exploration and development. The Company holds 50% interest in EP5/07-8 situated in onshore Canning Basin. The Company 100% interest in R3 situated in offshore Carnarvon Basin hosting the Cyrano Oil Field. The Company�s projects also include the onshore Derby Block and the downstream coal seam gas (CSG) liquid natural gas. The Backreef Area, within the Canning Basin, consists of EP 129 remainder R2, R3 and production license L6. It has 12.5% interest in Vic/P41 situated in the offshore Gippsland Basin, and 17% interest in Vic/P66 situated in the offshore Gippsland Basin.