Placement Raises $1,250,000

Oil Basins Limited (“OBL” or the “Company”; ASX codes “OBL”, “OBLOA” & “OBLOB”) is pleased to announce the successful placement of 50 million new ordinary OBL shares with „Sophisticated Investors‟ and „Professional Investors‟ at A$0.025 per share to raise $1,250,000.

Subscribers to the placement include participation from Equity Underwriters Pty Ltd, Alpha Secuities Pty Ltd, new investors, together with additional investment from a number of current shareholders. Normal fees will be paid to holders of AFSLs who supported the issue. The share issue is using part of the Company‟s placement capacity, as approved by OBL Shareholders at the Company‟s recent Annual General Meeting on 29 November 2011.

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