Feb 15 (Reuters) - Oil Basins Ltd OBL.AX :
* Legal proceedings & derby block update OBL.AX
* Says has been served with a summons filed in the supreme court of Western Australia dated 10 February 2016
* Says it is intended that the legal proceedings, which could take some time to be heard, will be solidly defended
* Says action has been brought by Rey Resources Limited
* Obl confirms that it has not resigned as operator of ep 487
* Says confirms that on 11 February 2016 it received a payment of circa $154,000
* Principal issue relates to an rls claim of its right to be operator of ep487 from 1 January 2016
* Source text for Eikon ID:nASX9rLcsN