Oil Basins writes peace treaty

OIL Basins has offered up a circuit-breaker in its dispute with Backreef Oil, which would leave both companies a 37.5% stake while farming out a 25% stake in its Derby Block to Octanex.

The companies are in dispute over Backreef's decision to sell its 50% stake in 5/07-8 EP for $A3.5 million to Buru Energy, which Oil Basins did not consent to.