Oil Basins said it had signed a share sale and purchase agreement with Strategic Energy Resources to acquire the latter’s wholly-owned subsidiary Shelf Oil, which holds a 17.5% stake in Vic/P41, located in the offshore Gippsland basin.
Under the terms of the deal, Oil Basins will issue Strategic Energy 7 million new Oil Basins ordinary shares at A$0.02 per share for 100% of the equity of Shelf.
This
