In an announcement, Green Rock said the deal would give it exposure to the Backreef-1 near term production oil well, as well as granting it a stronger foothold in the Canning basin – where the producing Blina Oilfield, and Ungani Well, operated by Buru Energy, are located.
Under the deal, Green Rock will pay Oil Basins A$1.1 million, giving it the option to acquire either a 5% or 20% interest in the Backreef area, adjacent to the Blina oilfield, by buying an OBL subsidiary.
