In mid-November, Oil Basins had announced that FMG was buying an 18% stake in the company and would also farm-in for a 25% share of the Derby Block in Western Australia’s onshore Canning basin.
However, Oil Basins said Tuesday that despite having signed off on all documentation early last month to put the agreement into effect, FMG has decided not to proceed with both the non-binding share placement and the non-exclusive earn-in deal.
However,
