23 Apr 2013asset acquisition disposition● Neutral
Oil Basins says BAS pre-empted its deal with Moby for Moby's 25% of Vic/P41, but Oil Basins still lifted its own stake by about 5.4% to 17.935% for a nominal sum. Subject to regulatory approval.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2013regulatory community update▲ GoodMajor
PEP 175 in the onshore Otway Basin is granted to BAS (100%) from 18 April 2013 for five years, resolving the native title condition. It covers 1,410 sq km, mainly the Casterton unconventional play, adding to BAS's Otway acreage.
23 Apr 2013asset acquisition disposition▲ GoodMajor
BAS exercised its pre-emptive right over Moby's 25% of Vic/P41 for a nominal sum, lifting its interest to 64.565% as operator, pending regulatory approval. Oil Basins would hold 17.935% and Strategic Energy 17.5%.
14 Mar 2013regulatory community update▲ GoodMajor
PEP 167 in the onshore Otway Basin was renewed for five years from 1 March 2013, with BAS holding 100%. BAS considers it prospective for the Waarre conventional gas and Casterton oil shale plays.
13 Mar 2013half year report● Neutral
Half-year to 31 December 2012: net loss $1,432,571 against $4,490,088 a year earlier. Raisings issued 130.2m shares for $1,953,692. Andrew Whittle stepped down as managing director on 19 December and remains a non-executive director.
5 Mar 2013investor presentation● Neutral
CEO's March 2013 presentation: 518.3m shares, cash $3.3m at 31 December, no debt, market value about $7.8m at 1.5c. Cooper holds 19.9% and Oil Basins 17.4%. Repeats the plan to cut back Gippsland and seek onshore oil and gas in Australia, New Zealand and Indonesia.
5 Mar 2013other● NeutralMajor
After a strategy review, BAS will rationalise its portfolio to focus on high-impact targets. It will keep pursuing the Gippsland farmout or sale, and look for onshore conventional oil and gas farmins and acquisitions in Australia, New Zealand and Indonesia, favouring shorter-cycle growth.
1 Mar 2013other▼ Bad
Oil Basins reports BAS signed a settlement deed and paid it $240,000 for legal costs from the failed Federal Court case. This is a cost to BAS, though BAS had said it would seek its own costs from Oil Basins.
22 Feb 2013material agreement▲ GoodMajor
BAS signed a services agreement with Cooper Energy, giving access to Cooper's technical and commercial staff from 1 March 2013 to 1 March 2014. This formalises the in-principle deal announced earlier.
27 Nov 2012investor presentation● Neutral
Asset review presentation restating the portfolio of about 10,000 sq km: Gippsland and Otway permits, the Yolla royalty, Judith 194 BCF (2C) and 934 BCF (3C). BAS is seeking farmin partners via IndigoPool. No new facts.
27 Nov 2012other● Neutral
AGM address: raisings brought in just under $2m; Terry White named CEO; IndigoPool marketing has drawn interest from several companies; an R&D claim should return about $500,000. The Oil Basins litigation failed. The chairman wants a majority of independent directors.
27 Nov 2012director officer appointment▲ GoodMajor
Terry White is appointed CEO from 3 December 2012, ending the search after Dr Mackie's resignation. He previously worked at Esso, BHP Billiton, Santos and Cue Energy, and was BHP's Vice President for Bass Strait operations from 2001 to 2006.
26 Oct 2012annual report● Neutral
2012 annual report with chairman's letter. It calls the PEP 167 drilling disappointing: it showed an active petroleum system but no commercially productive reservoir at the well. Notes farmins have been hard to secure on realistic terms, so BAS relies on capital raisings.
17 Oct 2012other▲ GoodMajor
The Federal Court refused Oil Basins' bid to set aside the shares issued to Somerton (Cooper). It found a Listing Rule 7.1 breach, but said the earlier ASX undertaking had addressed any prejudice. This resolves the dispute in BAS's favour; BAS will seek its legal costs.
26 Sept 2012annual report● Neutral
Statutory accounts for the year to 30 June 2012. The report records the Windermere-3 well in PEP 167 as not finding a commercially productive reservoir, new permits Vic/P68 and PEP 175, PEP 167 taken to 100% and renewed, and T/42P and T/43P relinquished.
19 Sept 2012other● Neutral
A directions hearing in Oil Basins' Federal Court case against BAS and Somerton was held, and the matter is set for a one-day hearing on 8 October 2012. The dispute over the Cooper placement remains unresolved.
17 Sept 2012capital raising announcement▲ GoodMajor
BAS issued 74.04m shares, completing the entitlement issue and raising about $1.1m after GMP placed the shortfall. Shares on issue are now 518.3m. Chairman says BAS is funded for its near-term committed work programme.
What it means for a shareholder
74.0m new shares at about A$0.0149 to raise about A$1.1m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (67,309 at the issue price), your slice goes from 0.013% to 0.0114% of the company. To keep it you'd need 9,615 more shares - about A$143 at the issue price.
Create a free account to see this worked out for your own holding.
12 Sept 2012capital raising announcement● Neutral
The entitlement issue closed with shareholders applying for 54.17m shares, raising $812,605. Underwriter GMP will place the 19.87m-share shortfall. Take-up was about 73% of the roughly 74m shares offered.
4 Sept 2012other▼ BadMajor
BAS confirms Oil Basins is suing it and Somerton Energy, seeking to set aside the 56.2m-share placement or at least 10m of those shares. BAS says it acted properly and will defend. First court hearing is 18 September, after the offer closes.
4 Sept 2012other● Neutral
Cooper Energy says it was served with Oil Basins' proceedings as Somerton Energy is a second defendant, having received BAS shares in the placement. Cooper is seeking legal advice. Counterparty note; no new facts.
3 Sept 2012other▼ BadMajor
Oil Basins, now BAS's largest shareholder, began Federal Court action questioning whether the discounted Cooper/Somerton placement and the 1-for-6 rights issue were properly authorised. This disputes the capital raising and sets Oil Basins against BAS.
23 Aug 2012admin correction● Neutral
Offer documents were despatched to eligible shareholders. BAS also gave ASX an undertaking cutting its placement capacity by 10,000,000 securities until 13 August 2013. Administrative.
17 Aug 2012capital raising announcement● Neutral
Offer booklet for the fully underwritten 1-for-6 entitlement issue at 1.5c, raising up to $1,110,614, closing 7 September. Directors say they will take up their full entitlements. Restates terms already announced.
16 Aug 2012other● NeutralMajor
BAS engaged IndigoPool, a Schlumberger subsidiary, to market its five Gippsland Basin permits for farmout or divestment. This followed incomplete, non-binding talks with several potential farminees.
14 Aug 2012capital raising announcement● Neutral
Shareholder letter on the 1-for-6 entitlement issue at 1.5c, about a 12% discount to the five-day average price. It would issue up to about 74m shares to raise about $1.1m, closing 7 September. Restates the terms already announced.
What it means for a shareholder
74.0m new shares at about A$0.0149 to raise about A$1.1m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (67,273 at the issue price), your slice goes from 0.013% to 0.0114% of the company. To keep it you'd need 9,605 more shares - about A$143 at the issue price.
Create a free account to see this worked out for your own holding.
13 Aug 2012capital raising announcement▲ GoodMajor
BAS placed 56.2m shares at 1.5c with Cooper Energy ($843,089, taking Cooper to 16.7%) and launched a fully underwritten 1-for-6 entitlement issue at 1.5c to raise about $1.1m. Dr Mackie leaves; Andrew Whittle becomes interim Managing Director. Company says it is funded through 2013.
What it means for a shareholder
56.2m new shares at A$0.015 to raise about A$843,089. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.0172% to 0.015% of the company. To keep it you'd need 9,655 more shares - about A$145 at the issue price.
Create a free account to see this worked out for your own holding.
13 Aug 2012investor presentation● Neutral
August presentation repeating the capital raising and Cooper Energy services arrangement. Shows cash of about $2.1m before the raising, rising to about $4.0m after, and 518m shares post-raising. Adds no new information.
13 Aug 2012capital raising announcement▲ Good
Cooper Energy confirms buying 56.2m BAS shares, taking it to 16.7%, and sub-underwriting the rights issue, which could lift it to 19.9%. Cooper says BAS's value is not fully reflected in its share price. Counterparty view of the same deal.
13 Aug 2012joint venture update▼ Bad
Former PEP 167 partner Interra has demanded reimbursement of amounts it paid, including $250,000 farm-in consideration and seismic costs; its JV spending was $1,689,774. BAS rejected the claim completely and has referred it to its lawyers. This is a potential dispute following Interra's withdrawal.
2 Aug 2012asset acquisition disposition● NeutralMajor
Oil Basins, already a Vic/P41 and P66 partner, agreed to buy the Albers Group's 57.76m BAS shares for $250,000 plus OBL shares, lifting its stake to 19.87%. This is a trade between shareholders; BAS itself receives no funds.