16 Nov 2011investor presentation● Neutral
CEO AGM presentation largely repeating the September deck. Windermere-3 results are now expected by year-end 2011, and Albers holds 15% and Adelaide Equity 7%. Cash about $4.5m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2011asset acquisition disposition● Neutral
Oil Basins Limited announces Moby Oil & Gas transferred a 5% Vic/P41 interest to it, pending regulatory approval. Per its table BAS stays at 45% operator. A partner-level change, not BAS's own interest.
15 Nov 2011drilling scheduled▲ Good
Drilling pad construction for Windermere-3 has started after a land access agreement. Spud is expected end November or early December, with about two weeks of drilling. Confirms the Q4 2011 timing after earlier delays.
24 Oct 2011annual report● Neutral
2011 Annual Report with the chairman's letter. Repeats Windermere-3 planned for November 2011, the CNOOC study agreement, the rights issue, and Mackie and Whittle's appointments. Text is partly garbled; no new results.
17 Oct 2011capital raising announcement▲ GoodMajor
BAS allotted 97.0m shares, completing the underwritten rights issue at 2.5c and raising about $2.43m after the underwriter placed the shortfall. Shares on issue are now 388.04m. Funds are for Windermere-3 and Gippsland/Bass Basin work.
What it means for a shareholder
97.0m new shares at about A$0.0251 to raise about A$2.4m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (39,918 at the issue price), your slice goes from 0.0103% to 0.00823% of the company. To keep it you'd need 9,978 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
12 Oct 2011capital raising announcement● Neutral
The rights issue closed with only $537,339 (21.5m shares) taken up by shareholders. Underwriter GMP Securities will place the remaining 75.5m shortfall shares, so the raise still proceeds.
10 Oct 2011director officer appointment▲ Good
BAS hires geoscientist James Martindale and petroleum engineer Monica McInnes to its technical team, to help with Windermere-3 drilling and wider exploration. Small staff addition.
16 Sept 2011annual report● Neutral
Financial report for the year to 30 June 2011. Text is garbled in the extract, but readable parts list directors, Mackie's 27 June 2011 CEO appointment and Adams' 31 March exit. Financial figures are not readable here.
12 Sept 2011investor presentation● Neutral
Notice of a BRR webcast by CEO Steve Mackie on 12 September 2011, titled 'preparing to undertake high impact drilling'. No new information in the notice itself.
8 Sept 2011investor presentation● Neutral
September 2011 presentation tied to the rights issue. Restates the two-pronged strategy, Windermere-3 results expected November 2011, the CNOOC study agreement and the 2.5c, $2.4m raise. Mostly repeats known facts.
8 Sept 2011capital raising announcement● NeutralMajor
BAS launches a fully underwritten (GMP Securities) 1-for-3 non-renounceable rights issue at 2.5 cents, raising up to about $2.43 million, a 20% discount to 3.1 cents. Funds include $1.56 million for Windermere-3. Cash was $2.1 million at end August.
8 Sept 2011capital raising announcement● Neutral
Offer booklet for the 1-for-3 rights issue at 2.5 cents, raising up to about $2.4 million, closing 7 October 2011. Windermere-3 results are expected in November 2011. Repeats the same-day notice.
9 Aug 2011director officer appointment▲ Good
Andy Whittle was appointed non-executive director. He has over 40 years' industry experience, including more than 21 years with Exxon affiliates, finishing as Geological Manager of Esso Australia.
2 Aug 2011material agreement▲ GoodMajor
BAS signs a Joint Study Agreement with CNOOC Australia, the local arm of China's CNOOC. Terms are confidential, so scope and any funding commitment are unknown.
2 Aug 2011regulatory community update▲ GoodMajor
The Victorian government formally accepted the Windermere-3 Operations Plan and a land access agreement was signed. Drilling fluid lab tests are done. This clears the approval hurdle, with the well still scheduled for Q4 2011.
30 June 2011director officer appointment● NeutralMajor
Dr Steve Mackie is confirmed as permanent CEO, replacing the acting arrangement after Adams' exit. The board says it will pursue more proactive opportunities in tight/unconventional onshore and tight offshore petroleum, alongside conventional exploration.
23 June 2011investor presentation● Neutral
June 2011 briefing restating a two-pronged strategy (onshore tight/unconventional, offshore conventional/tight) and Windermere-3 for Q4 2011. Cash is about $2.5 million, down from $3.2 million in March. Mostly repeats known facts.
19 Apr 2011drilling scheduled▼ BadMajor
Windermere-3 drilling is delayed from Q2 to Q4 2011. New studies on oil migration and the 1987 well's formation damage are said to make commercial success a 'realistic expectation'. Lab tests on drilling fluids continue.
31 Mar 2011director officer appointment▼ BadMajor
The board terminated Managing Director Andrew Adams from 31 March 2011; he also left the board and as company secretary. Exploration Manager Dr Steve Mackie becomes Acting CEO and Robyn Hamilton company secretary. No reason is given.
7 Mar 2011half year report● Neutral
Half-year to 31 December 2010: net loss $243,193 (prior year $331,160). Recaps the Windermere well decision, the Vic/P41 commitment variation and the new Windermere resource estimates. No new project results.
2 Mar 2011investor presentation● Neutral
Conference presentation restating permits, the Windermere story and Gippsland prospects, with Windermere-3 still expected in Q2 2011. Cash is about $3.2 million and market value about $10 million. Mostly repeats known facts.
24 Feb 2011resource reserve update▲ GoodMajor
New 3D-seismic mapping gives the Greater Windermere feature (6 sq km) a P10 upside prospective resource of 35.5 million barrels of oil-in-place. The planned Windermere-3 well targets a P50 of 3.36 million barrels in-place (0.95 million recoverable) in the 'A' closure, still due Q2 2011.
27 Jan 2011price query● Neutral
ASX queries a price rise from 3.1 to 3.8 cents on heavy volume. BAS says it knows of no undisclosed information and suggests the market may be recognising Windermere, where drilling is planned for the second quarter of 2011.
13 Jan 2011other● Neutral
Document titled Constitution is actually the company's share trading policy, setting rules for directors and employees dealing in shares. Administrative, with no new information about operations or finances.
29 Nov 2010joint venture update● Neutral
Partner Interra's release repeats the decision to drill Windermere in the second quarter of 2011, subject to local government approval, and says the 3D confirms closure at reservoir level. No new information beyond BAS's release.
29 Nov 2010drilling scheduled▲ GoodMajor
The PEP 167 joint venture (BAS 50% operator, Interra 50%) agrees to drill a new well near the 1987 Windermere-1 oil discovery, targeting the second quarter of 2011, subject to approvals. This resolves the open drilling decision after the 3D survey.
3 Nov 2010investor presentation● Neutral
AGM presentation restating permit interests, the FY10 raising of $4,067,379 and Windermere status, with final mapping due in the fourth quarter. Cash is about $3.4 million, market capitalisation about $8 million, 291,030,250 shares. No new results.
4 Oct 2010annual report● Neutral
Printed 2010 annual report with the chairman's letter. Early 3D results broadly support oil potential at Windermere, possibly drilling in 2011. He says a share price near 2.5 cents (market value about $7 million) makes accretive corporate deals difficult. Largely repeats known facts.
14 Sept 2010annual report● Neutral
Annual financial report for year to 30 June 2010. Recaps the $4 million raising, the Interra-funded Windermere 3D survey (processing finished August 2010) and permit renewals. Interpretation continues ahead of a possible drilling decision later this year. No new results.
8 Sept 2010investor presentation● Neutral
Good Oil conference presentation repeating the preliminary Windermere mapping showing closure at reservoir level, with mapping to finish in the fourth quarter. Cash is about $3.5 million and market capitalisation about $7 million. No new results.