Oil Basins Limited (ASX:OBL) announced a private placement of 120,000,000 common shares at a price of AUD 0.035 per share for gross proceeds of AUD 4,200,000 on November 15, 2012. Shares will be issued to new investor Fortescue Metals Group Limited for approximately 18% stake in the company. The company will also issue 100,000,000 unlisted options exercisable at a price of AUD 0.09 till June 30, 2016. 54,000,000 options will be issued immediately and 46,000,000 options will be subject to an affirmative vote at an extraordinary general meeting of shareholders to be held on or before January 15, 2013. In the event the 46,000,000 options are not issued the price will be reduced by AUD 690,000. The transaction is expected to be closed in next five business days. The investor will also have a right to appoint one senior representative to the company's board of directors.

On January 14, 2013, Oil Basins Limited cancelled the transaction.