In mid-November, FMG had agreed to buy an 18% stake in Oil Basins plus farm-in for a 25% share of the Derby Block in Western Australia’s onshore Canning basin.
However, Oil Basins confirmed on 15 January that FMG had decided not to proceed with the share placement and earn-in deal.
At the time, Oil Basins said it was already dealing with serious third party interest from an undisclosed oil and gas exploration company in a similar transaction.
In
