Jan 14 (Reuters) - Oil Basins Ltd OBL.AX :
* Permit ep487 (derby block) update OBL.AX
* Says it has not resigned as operator of ep487 and the company continues as operator
* Obl has commenced planning and costing for the new environmental plan
* Says obl is also finalising the preparation of year 2 afes in anticipation of the wp variation approval
* Advised rey resources limited (rey) and its subsidiary that rls does not meet agreed preconditions and minimum legal requirements
* Has formally advised rey and rls on 13 January 2016 that rls is in default under the joa with respect to a number of matters
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