Emperor Energy Ltd

EMP raised about $17.5M through a placement of about 145.8M shares at $0.12, a 14.3% discount to the last close. Funds go to a Valaris 107 rig deposit for February 2027, services, the environment plan and a seabed survey. The funding process continues.

capital raising announcement

The Joint Authority approved a 24-month extension of Vic/P47. The deadline to drill Judith-2 moves to August 2027 and the permit now runs to August 2029. This resolves the open question on the permit work-program deadline.

regulatory community update

Tim Handley, ex AusNet corporate development head and Viva Energy M&A head, becomes Managing Director from 12 January 2026 to lead Judith-2 delivery and funding. Drilling is now targeted for Q3 2026, with about $5.1M cash at 30 September 2025.

director officer appointment

Steven Marshall, a well engineer with 25 years' experience who was COO at GB Energy, joined as Chief Operating Officer to run Judith-2 delivery, including the AGR drilling manager and Valaris-107 rig contracting. Drilling remains scheduled for mid-2026; rig talks are still 'advanced discussions'.

director officer appointment

EMP formally began the farm-in process to fund Judith-2, with Argonaut as exclusive adviser and Mumford Commercial Consulting assisting. EMP holds 100% of Vic/P47; drilling is set for mid-2026. No partner is named, so funding remains open.

farm in farm out agreement

EMP raised about $3.7M via a placement of 120.0M shares at $0.031, led by Argonaut, up from $0.023 in December 2024. Funds go toward Judith-2 work, an option fee on the Valaris 107 jack-up rig and long-lead items. A formal farm-out process is to follow.

capital raising announcement

GaffneyCline audited Judith: 166 Bcf 2C contingent resource, plus 142 Bcf P50 prospective in deeper Longtom sands. Unrisked prospective resources rose from 1.63 to 1.86 Tcf. It confirms the 2023 petrophysics and recommends a Judith-2 twin well with a sidetrack. The 198 Bcf contingent figure is replaced by 166 Bcf.

resource reserve update

Douglas Jendry joined the board and was elected Chairman. He is an experienced oil and gas executive and an adviser to the Nero Resources Fund, which joined the register in the September 2024 placement. He is the first chairman named in this history.

director officer appointment

EMP submitted its Judith-2 environment plan to NOPSEMA, ending the slippage from January and February. Drilling is now targeted from mid-2026 (earlier 2025 was required by August 2025), using a jack-up rig; an initial rig proposal has been received. No partner is named yet.

regulatory community update

EMP raised $3.0M via a placement of about 130.4M shares at $0.023, over three times the October price of $0.007. Funds go to the Judith-2 environment plan and well design. AGR, GaffneyCline, Xodus, Jasco and RPS are appointed; the environment plan is due to be submitted in January 2025.

capital raising announcement

EMP raised $1.25M via a placement of about 178.6M shares at $0.007, led by Argonaut, with Nero, Perennial and Regal to become substantial holders. Argonaut is also appointed strategic adviser to assemble a consortium to drill Judith-2. Second tranche needs AGM approval.

capital raising announcement

EMP completed the purchase of the three Great Caesar gold leases (128 ha, Queensland); settlement was 23 August 2024 and the transfer is proceeding. The London 50/50 JV partner is now named as Herencia Resources PLC, which has begun contributing capital. JV is still not finalised.

asset acquisition disposition

The Share Purchase Plan raised $460,000 through 41.8 million shares at $0.011, plus a $10,000 placement, totalling $470,000. All applications were accepted, well above the $200,000 target, and the proceeds are for continuing exploration activities.

capital raising announcement

Modelling by 3D-GEO, based on the 2023 petrophysics, indicates Judith-1 could flow 100 MMscf/d for 4.25 years, or 60 MMscf/d for 8.25 years, using only the 198 Bcf contingent resource. This resolves the pending production modelling thread, though no well has been flow tested.

resource reserve update

EMP intends a 50/50 joint venture with an unnamed London unlisted company to buy and explore the gold leases, conditional on that company raising A$500,000, of which $400,000 funds the purchase. Stage 1 is 600m of drilling costing $180,000. Not yet binding.

joint venture update

EMP offers eligible shareholders a Share Purchase Plan of up to $30,000 each at $0.011 per share, targeting about $200,000. It closes 24 April 2024. Follows the October 2023 raise at $0.008.

capital raising announcement

Due diligence sampling at the Great Caesar leases found gold in soils along more than 400m of strike. Rock samples reached 37.2 g/t at The Tunnel and 21.1 g/t at the old workings. Not a resource; drilling is now planned. Follows the earlier historical-data-only release.

drilling result

The Joint Authority approved the 24-month Vic/P47 extension, so Judith-2 must now be drilled by August 2025. This resolves the permit-extension thread, though it took almost 3 months longer than EMP forecast. Farm-in partner and NOPSEMA approval are still outstanding.

regulatory community update

EMP raised $300,000 by placing 37.5 million shares at $0.008, well below the 3.2c paid in the October 2022 placement. Directors are to seek approval at the 30 November AGM to put in a further $50,000 at the same price.

capital raising announcement

EMP signed a conditional agreement to buy 3 gold mining leases (128 ha, north Queensland) for $450,000 cash plus $50,000 of shares. Completion needs a capital raising and approvals, expected by 31 March 2024. Directors say the Judith gas project remains the main focus.

asset acquisition disposition

New petrophysical review of the 1989 Judith-1 well finds mobile gas in four sands over 189.5m net reservoir, confirming earlier gas saturations. Permeability rises by an order of magnitude (max 24.2 mD), which EMP expects to support higher modelled flow rates; this is a reinterpretation, not a new well.

drilling result

EMP applied to NOPTA on 8 August 2023 for a 24-month extension of the Vic/P47 work program and permit term, citing force majeure from the Barossa ruling. NOPTA found the application valid; decision expected by mid-October 2023, with the Judith-2 deadline originally 22 August 2023.

regulatory community update

Judith-2 drilling approval from NOPSEMA is now forecast for Q4 2023, because the Barossa court ruling lengthened stakeholder consultation. EMP will seek an 18-month permit extension to Feb 2025. Wood Mackenzie report received but cannot be released; Moyes and Co hired for partner search.

regulatory community update

Revised modelling lifts the Judith base case to 125 mmscf/day from five wells, a 50% rise on the earlier 80 mmscf/day with four wells. Wood Mackenzie will assess the economics, with results due January. EMP says the federal gas price cap does not hurt viability (its opinion).

other

EMP raised $1,122,000 through 35M shares at 3.2 cents, a 17.9% discount to the 15-day VWAP, led by EverBlu Capital. Investors get one free option per share ($0.05 strike, 2 years), subject to shareholder approval at the November AGM. Lead manager fee is 6%.

capital raising announcement

3D-Geo's revised statement lifts Judith/Longtom P50 prospective gas from 1.226 Tcf to 1.627 Tcf, and total Vic/P47 to 2.249 Tcf. Contingent resource rises from 150 Bcf to 198 Bcf. Kipper and Golden Beach figure stays at 622 Bcf.

resource reserve update

Independent 3D-Geo statement puts 622 Bcf (P50, unrisked, prospective) in the Kipper and Golden Beach sands, lifting the Vic/P47 total 50% to 1.848 Tcf. The earlier 1.226 Tcf and 150 Bcf contingent figures stand, with risk said to be reduced. Resolves the February upgrade thread.

resource reserve update

EMP engaged AGR to prepare environment plans and the NOPSEMA application to drill Judith-2. Application is due by end August 2022, with approval expected by year end. This starts the approvals work flagged in the context; no rig or partner yet.

contract award

Seismic analysis shows strong gas signals in four shallower sands (Kipper and three Golden Beach) above the Judith sands, tied to ExxonMobil's producing Kipper-1. EMP says they could add to the 1.226 Tcf estimate; no new volume yet, upgrade being prepared.

resource reserve update

EMP raised $1,500,000 via a placement of 35.3M shares at 4.25 cents, a 15% discount to the 5-day VWAP, led by 180 Markets. It also plans to settle $95,200 of creditors with 2.24M shares. Follows cash falling to $294K at December.

capital raising announcement

EMP raised $1,000,000 via a non-brokered placement of 33.33M shares at 3 cents, a 14% discount to the 5-day VWAP. It also plans to settle $25,000 of creditor debts with 833,333 shares at 3 cents.

capital raising announcement

Analysis of the new seismic shows strong gas-indicator (AVO) responses across Judith over at least 500m of vertical relief, tied to Judith 1 and Kipper 1 wells. EMP says this supports prior prospective resource estimates and de-risks Judith 2. No new resource figure.

drilling result

EMP bought a licence to CGG's new 3D seismic over Judith, with early results showing better imaging and gas-indicator amplitudes extending up-dip. EMP says this could de-risk drilling and help win a farm-in partner. Interpretation runs to mid-May.

material agreement

APA completed the Judith pre-FEED study. Base capital cost is about A$500M excluding contingency and wells, for 80 MMscfd over 25 years. FID could come 14 months after FEED starts, with FEED budgeted at about A$9M. Resolves the open APA thread.

joint venture update

NOPTA extends the Vic/P47 permit term by 30 months, moving the deadline to drill Judith 2 from February 2021 to August 2023. This removes the near-term permit deadline and gives time to assess new seismic and find a partner.

regulatory community update

The share purchase plan raised $656,000, above the $300,000 target, through 23,428,571 new shares at 2.8 cents. EMP accepted all commitments. This adds to the $500,000 May placement and funds continued exploration.

capital raising announcement

EMP offers eligible shareholders a share purchase plan of $1,000 to $30,000 each, at the lower of 3.5 cents or a 10% discount to the 5-day VWAP. It targets $300,000, not underwritten, for exploration work and working capital. Follows the May placement.

capital raising announcement

APA has started the 4-month Judith pre-FEED study. AGR's initial Judith 2 design is to 3,235m, with estimated well cost of A$25M excluding flow tests and about 26 days drilling. Rig tenders wait for a farm-in partner. New CGG 3D seismic results are due late 2020.

joint venture update

EMP raises $500,000 through a non-brokered placement of 18 million shares at 2.75 cents, a 32% discount to the 15-day VWAP of 4.1 cents. Follows the April warning that a small raise was needed. Funds exploration activities.

capital raising announcement

EMP signs a binding agreement with APA Group for the Judith pre-FEED study, the first binding deal after the October 2019 MOU. Covers a processing plant beside Orbost, a roughly 40km subsea pipeline and an export pipeline. Starts July 2020, taking 4 months.

material agreement

Sale of Cyrano R3 completed for $325,000 to BR Cyrano Pty Ltd, resolving the September agreement. EMP keeps a $0.50 per barrel royalty, which the buyer can buy out for $1.5m within 48 months. Removes the non-core asset.

asset acquisition disposition

EMP signs a non-binding MOU with APA Group on pipelines and a gas processing plant for Judith, after more than 12 months of talks. It is not a binding deal. The farm-in partner search continues with no partner yet.

material agreement

EMP agrees to sell Cyrano R3 to BR Cyrano Pty Ltd for $325,000, subject to approval by 31 December 2019, keeping a $0.50 per barrel royalty the buyer can buy out for $1.5m within 48 months. Progresses the earlier plan to sell this non-core asset.

asset acquisition disposition

3D-GEO's July 2019 statement lifts Judith to 150 Bcf 2C contingent and 1.226 Tcf P50 unrisked prospective, up from RISC's 122 Bcf and 844 Bcf in November 2018. It supersedes the RISC figures.

resource reserve update

Ocean Reach Advisory is appointed to run a global search for an exploration and development partner for the 100%-owned Judith gas field. The partner would help drill an exploration well by February 2021. No partner has been found.

material agreement

Malcolm King joins as non-executive director; 30+ years upstream experience, mostly Shell, and was well-site geologist on Judith-1. $150,000 raised by placing 50m shares (about $0.003 each); issued shares now 1,017,859,728. Office moves to Level 32, 1 Market St, Sydney.

director officer appointment

Board overhaul: Carl Dumbrell becomes company secretary; Philip McNamara and Nigel Harvey are appointed directors; Vaz Hovanessian is removed as secretary, and he and Natt Arian resign. The 2 April shareholder-requisitioned meeting is cancelled. This resolves the board dispute in Dumbrell's favour.

director officer appointment

December 2018 quarter: cash is about $47,000. The board is seeking a placement of about $650-700K from brokers by 4 February 2019 and has a separate offer of 50m shares for $175,000. The Dumbrell-requisitioned meeting was cancelled, with a replacement meeting expected in February.

quarterly activities report

Vaz Hovanessian becomes chairman and interim company secretary, replacing Carl Dumbrell as secretary. Dr Ray Shaw and Dr Natt Arian join as directors. Dumbrell had requisitioned a meeting to remove two directors; the board is questioning its validity. Registered office moves to Artarmon.

director officer appointment

RISC certifies Judith resources in Vic/P47 (100% EMP): 2C contingent 122 Bcf sales gas, and P50 unrisked prospective 844 Bcf. This replaces the 1.8 Tcf in-place estimate with certified recoverable figures, and the 2013 GCA contingent figure of 101 Bcf is superseded by 122 Bcf.

resource reserve update

EMP engages independent certifier RISC to produce a Judith resource statement by end of August 2018, after 3D-Geo finishes modelling. Seismic suggests gas in deeper Longtom-type sands across Judith, not yet counted. Initial talks held with prospective partners.

contract award

Placement of 43.1m shares at $0.003 raised $126,006 gross, the same price as the November rights issue. Funds go to reservoir engineering ahead of a Q3 2018 resource statement for Vic/P47; partnership talks are planned for Q4 2018.

capital raising announcement

Petrophysical review of the Judith-1 well finds four gas reservoirs with 162m net gas pay, porosity 13-14.9%. Comparison with Longtom field suggests commercial potential, with better reservoir expected up-dip. No new volume estimate; the 1.8 Tcf is unchanged.

resource reserve update

Vic/P47 five-year renewal granted; EMP keeps 100% of the permit. This resolves the pending Commonwealth approval. Work program requires an exploration well in Judith North by February 2021. Gas-in-place stays at 1.8 Tcf (1.17 Tcf recoverable).

regulatory community update

Rights issue completed, raising $1,554,154 before costs through 518.05m new shares at $0.003 plus 518.05m attaching options. Shares on issue rise from 287.8m to 805.9m. Resolves the raise that was delayed twice; the full amount was raised including the underwritten shortfall.

capital raising announcement

Former director Neil Doyle has sued for $519,655 in unpaid salary and fees, arguing the 2015 shareholder pay cut was invalid and that his December 2016 settlement does not bind him. OBL says the claim is without merit and will defend. Reopens the Doyle settlement thread.

other

Oil Basins announces a 9-for-5 renounceable rights issue at $0.003 per share to raise about $1.55 million, with a free option (exercise $0.005, expiring 31 March 2020) per share. Patersons is intended to underwrite. Funds go to exploration ($870k), environmental costs and working capital.

capital raising announcement

Reprocessed seismic points to much larger gas potential at Vic/P47's Judith structure: 1.8 Tcf unrisked gas-in-place (P50) and 1.17 Tcf recoverable. This compares with the earlier 101 Bcf contingent estimate, a different measure that is unrisked and not a booked resource.

resource reserve update

OBL confirms the OBR sale and EP487 settlement (16 June), and says Vic/P47 seismic reprocessing is complete with final results due July. It has filed its defence to McGrath and dropped Zeecol after due diligence, saying it didn't represent value. Sydney office moves.

other

Rey Resources says it completed the purchase of OBL's 50% of EP487 on 16 June 2017 and now holds 100%, after FIRB and other approvals. Rey's option over the OBR royalties company remains if the third-party OBR sale doesn't proceed. Completes the exit from EP487.

asset acquisition disposition

Former Executive Chairman Kim McGrath has sued for $551,632 in unpaid salary, fees and expenses, arguing the 2015 shareholder vote cutting his pay was invalid. OBL will defend and seek advice on a cross-claim. This is the McGrath claim flagged earlier.

other

OBL received an unsolicited approach from Zeecol International (OTC-listed) saying it intends to acquire a controlling interest through a merger, subject to due diligence. The board hasn't yet considered it and says there is no guarantee of a deal; shareholders need take no action.

business combination

Rey says it will buy OBL's 50% of EP487 in exchange for waiving about $577,000 of cash calls and $32,000 of legal fees, with completion expected April 2017. If the OBR sale doesn't proceed, Rey has an option to buy OBR for up to $400,000.

asset acquisition disposition

OBL agrees to transfer its 50% of EP487 to Rey at nominal value, relieving it of about $577,000 of cash calls plus $32,000 legal fees. It says it won't fund the work program or raise capital for it, and will focus on Vic/P47. Resolves the Buy-out dispute.

asset acquisition disposition

WA regulator intends to renew the Cyrano retention lease (R3, 100% OBL) for 5 years. Contingent oil resource is 2C 2.68 million barrels (as per April 2016 announcement). Resolves the pending renewal.

regulatory community update

NOPTA approved a suspension and extension of the 100%-owned Vic/P47 permit, giving time to finish reprocessing old 3D seismic by end June 2017. Judith gas field estimate stays at 101 Bcf. Resolves the pending permit renewal.

regulatory community update

The Share Purchase Plan closed 19 October raising $315,000 from 32 shareholders through 39,375,000 shares at 0.8 cents, allotted 26 October. This is well short of the $516,000 maximum.

capital raising announcement

Rey says OBL has not paid cash calls made by Rey Lennard Shelf as EP487 operator, so on 19 October it issued OBL a Buy-out Notice to acquire OBL's 50% interest under the operating agreement. A threat to OBL's main asset.

joint venture update

OBL, Shelf Oil and Bass Strait Oil apply to surrender Vic/P41, calling the forward work program uneconomical. OBL will have no further interest or costs there. The new board says Western Australian projects are its cornerstone assets.

asset acquisition disposition

Following the 19 September general meeting, Kim McGrath and Neil Doyle are no longer directors. They are told they cannot bind the Company or speak for it pending legal clarification of their executive roles. This resolves the shareholder requisition in favour of the challengers.

director officer appointment

OBL announced a Share Purchase Plan at 0.8 cents per share, a premium to recent trading, open 14-28 September 2016 with applications of $1,000 to $15,000. If fully subscribed it would raise about $516,000 from some 64.6 million new shares.

capital raising announcement

OBL agrees to sell its royalties subsidiary, holding 2% royalties in Vic/P47, EP487 and Cyrano, to Ochre, with the $400,000 of loans extinguished as payment. The mandate would end, replacing the planned rights issue. Subject to due diligence and a formal agreement.

asset acquisition disposition

OBL appoints Justyn Peters (Leigh Creek Energy chair) and Vaz Hovanessian as non-executive directors; Nigel Harvey resigns after over six years. Board changes come as the executive team faces notice and a shareholder challenge.

director officer appointment

OBL places 36.5 million new shares at 0.7 cents, raising $255,500 gross from sophisticated investors for working capital. A small raise that adds to dilution after the post-consolidation share count rose.

capital raising announcement

OBL signs a six-month mandate with Ochre for an underwritten renounceable rights issue of $3 million, up to $5 million with options. Ochre adds a $250,000 convertible loan to the earlier $150,000. Depends on Ochre finding an underwriter and approvals. Follows the 13 July deal.

material agreement

Shareholder Rocket Science (Troy Harry, over 5% holder) requisitions a general meeting to remove Executive Chairman Kim McGrath and CEO Neil Doyle and appoint Michael Jeffries and Troy Harry. This challenges the board that earlier gave the two executives notice.

director officer appointment

OBL signs a conditional provisional agreement with Ochre Group Holdings (OGH) for advice and financing, receiving a $150,000 interest-free unsecured loan. A later underwritten rights issue is contemplated; the loan would then convert to equity on the offer's terms. Subject to approvals.

debt financing

OBL has resigned as EP487 operator, with Rey Lennard Shelf taking over, and keeps its 50% interest. As a cost-cutting measure it gave six months' notice to Executive Chairman Kim McGrath and CEO Neil Doyle, who will then stay as non-executive directors.

director officer appointment

Rey says the Supreme Court ordered Oil Basins to resign immediately as EP487 operator, with Rey Lennard Shelf designated operator. This is a loss for OBL in the dispute it vowed to defend, and removes its control of the Derby Block drilling.

joint venture update

OBL restates Cyrano (R3/R1) from reserves to contingent resources, citing low oil prices; 2C stays at 3.01 MMstb. Net 2C is 20.1 MMBOE and net P50 prospective is 2.889 billion BOE, mostly the Derby Block. Superseded by the next day's amendment.

resource reserve update

OBL notifies a 1-for-10 share consolidation approved by shareholders on 8 April 2016. Shares fall from 1,139,587,360 to about 113.96m, and option exercise prices rise tenfold. This follows the Lind convertible, under which Lind could require a consolidation.

security holder rights change

Rey Resources and its subsidiary began Supreme Court of Western Australia proceedings against Oil Basins, seeking orders that OBL resign as EP487 operator and that Rey Lennard Shelf be appointed. Rey again denies being in default. This escalates the operatorship dispute with OBL's 50% partner.

joint venture update

The WA regulator approved the EP487 variation on 2 February 2016: Year 1 is deemed complete and Year 2 now requires two deep exploration wells by 13 December 2016, minimum spend $12.5m, instead of the 2D seismic survey. This resolves the pending variation and moves the Derby Block to drilling.

regulatory community update

New 3D-Geo preliminary assessment lifts Derby Block gross P50 prospective gas 31.6% to 24.6 Tcf, with 614 MMbbl condensate. Including deeper Basal Laurel shale, the total to 5000m is 28.7 Tcf and 717.7 MMbbl condensate, up from 18.7 Tcf to 4000m. Prospective, undrilled estimates.

resource reserve update

Oil Basins says it remains operator of EP487 and has told partner Rey that Rey Lennard Shelf does not meet operator requirements and is in default under the JOA, including unpaid cash calls for June-December 2015. This opens a dispute with its 50% partner over the operatorship question flagged in the farmout thread.

joint venture update

Oil Basins signed a new Lind funding deal of up to $1.2m via zero-coupon convertible securities, replacing the facility ended in July. First tranche: $400k advanced, $380k net, $460k face value, convertible from 3 Feb 2016 at the lower of 130% of an earlier VWAP or 90% of a later one. Lind gets 67m options.

debt financing

Oil Basins agreed a placement of 37.5 million shares at 0.4 cents to raise $150,000 for working capital and the Derby Block and Gippsland work programs. The price matches the April placement, with completion expected around 1 October.

capital raising announcement

NOPTA approved a two-year extension, to 25 August 2017, to apply for a retention lease or production licence over the Moby location in Vic/P47. This gives the 100% group time to finish its new seismic study of Moby and nearby fields.

regulatory community update

The Lind funding agreement was terminated by agreement; Oil Basins gets a final $33,961.75 for 8.5 million collateral shares. The company says this removes a share-issue overhang. This ends the facility paused since October 2014; 1,077,087,360 shares are on issue.

material agreement termination

Third-party release: Rey completed buying Backreef's 50% of the Derby Block for $2m on production licence grant or a 2% royalty. Rey settled about $391,000 of Oil Basins' claims, and the two now run a joint venture. Resolves the ownership dispute.

farm in farm out completion

Oil Basins settled all Derby Block disputes with Backreef; Rey becomes 50% partner (subject to regulatory approval) and Oil Basins gets $391,000 cash and a 1% royalty on Rey's half. Oil Basins stays operator to 1 Jan 2016 and will seek a farm-out.

farm in farm out agreement

Independent review booked Cyrano (R3/R1) recoverable reserves of 2.18 MMstb 1P, 3.01 MMstb 2P and 3.89 MMstb 3P, with the WA regulator on 30 April 2015. This turns the December resource estimate into booked reserves. Oil Basins holds 100%.

resource reserve update

Oil Basins placed 72.5 million shares at 0.4 cents to existing investors, raising $290,000 for working capital and Derby Block and Gippsland work programs. Price is below January's 0.5 cent placement, continuing a falling issue price.

capital raising announcement

Oil Basins lost its SAT application to remove Backreef Oil from the Derby Block title; Justice Curthoys dismissed it. This ends the main attempt to take 100% of the permit and leaves Backreef's 50% in place.

joint venture update

Octanex terminated its 2013 deed to acquire 25% of EP 487, so it has no claim on the permit. Talks with Rey Resources have not reached agreement, with Rey insisting Oil Basins drop the SAT action. Oil Basins intends to seek a farm-out of EP 487.

joint venture update

Oil Basins placed 47 million shares at 0.5 cents to existing sophisticated investors, raising $235,000 for working capital. This is well below the 0.8 cent price of the September 2014 placement and share purchase plan.

capital raising announcement

NOPTA approved replacing the Vic/P47 Year 5 well, a minimum A$35m commitment, with $581,000 of seismic reprocessing and studies. If the permit is renewed, a replacement well is required before 15 November 2018. Oil Basins is seeking a farm-in partner.

regulatory community update

A new 3D-Geo assessment lifted Greater Cyrano and Elimia P50 oil in place 28% to 13.4 MMstb, and P50 recoverable oil 59% to 2.68 MMstb. Including Nasutus Extension, R3/R1 P50 is 3.01 MMstb. R3/R1 is 100% owned.

resource reserve update

NOPTA approved and registered the transfer of the remaining Vic/P47 interest to Oil Basins and Shelf Oil. The group now holds 100% of the title, including the Judith gas field and Moby location, completing the deal announced 14 November.

farm in farm out completion

Third-party release: Rey Resources agreed to buy Backreef Oil's 50% of the Derby Block for $2m on production licence grant or a 2% royalty. It is conditional on the SAT case outcome, FIRB approval and ending other sale agreements. Oil Basins' position is disputed.

farm in farm out agreement

Oil Basins restates its booked resources across all assets, now operator of all but Vic/P41. Subject to approval of the Vic/P47 transfer, 2C contingent resources rise from about 2 MMbbl to 18.9 MMBOE; P50 prospective resources exceed 2 billion BOE, about 2.5 BOE per share on 928.9m shares.

resource reserve update

Oil Basins group moves to 100% of Vic/P47 for nil consideration, subject to NOPTA approval, and books 101 Bcf of 2C contingent resources, with 3C over 275 Bcf for Judith. It is seeking a farm-in or sale of Shelf Oil and Vic/P47.

resource reserve update

Oil Basins signed documents to take all third-party interests in Vic/P47 (Judith gas field and Moby location), giving the group 100%, with Oil Basins as intended operator. It was 25% before. Subject to NOPTA approval.

asset acquisition disposition

Oil Basins estimates its net 35.435% share of the revised Vic/P41 prospective resource at 367.1 Bcf gas and 17.5 MMbbl liquids, about 78.7 MMBOE (best estimate). These are undrilled prospects, not discovered volumes.

resource reserve update

Bass Strait Oil, Vic/P41 operator, raised best-estimate prospective gas resource across Vic/P41 and Vic/P68 to 1,197 Bcf unrisked, up 62% from 740 Bcf, and plans a farm-out from November. Oil Basins group holds 35.435% of Vic/P41. Third-party release.

resource reserve update

The share purchase plan closed 6 October raising $405,000 from 62 shareholders, with 50,625,000 shares at 0.8c. That is well short of the ~$1.9m possible maximum announced in September.

capital raising announcement

Oil Basins placed 70 million shares at 0.8c to existing sophisticated investors, raising $560,000 for working capital and Derby Block. Priced well below the 1.25c placement in June, so it dilutes more per dollar raised.

capital raising announcement

Oil Basins plans a share purchase plan at 0.8c for all shareholders, $1,000 to $15,000 each, open 22 September to 6 October. If fully subscribed it would raise about $1.9m from about 236m new shares.

capital raising announcement

NOPTA approved and registered the transfer of Strategic Energy's 25% of Vic/P47, split 12.5% each to Oil Basins and Shelf Oil. Oil Basins will issue 6m shares at 2.0c to complete. This completes the deal signed in May.

asset acquisition disposition

Oil Basins placed 35 million shares at 1.25c to raise $437,500 for working capital, from professional investors. The company says this is a roughly 35% premium to recent trading. Follows the March quarter cash of $410k and the Lind facility.

capital raising announcement

With no ownership deal after over three months, Oil Basins lodged a State Administrative Tribunal application to remove Backreef Oil from EP 487's title, and demands ~$131,000 survey costs and ~$232,000 back costs. Success would leave Oil Basins as sole titleholder. This escalates the dispute.

regulatory community update

The Derby Block was granted as permit EP 487 for six years from 14 March 2014 to 13 March 2020. This resolves the long-running native title wait. Ownership matters are still to be addressed with Backreef Oil.

regulatory community update

Oil Basins signed a funding deal with Lind for up to $7.25m over two years, receiving $350k upfront. It combines a $300k 6% convertible note with monthly share purchases of $100k at 91.5% of market price. Lind also gets 8m options at 2.32c and 8.05m commitment shares.

debt financing

Oil Basins exercised its option to buy Strategic Energy's 25% of Vic/P47 (Moby and Judith gas), after the regulator approved the work program variation. Split 50/50 with Shelf Oil, for 6m shares at 2.0 cents, subject to transfer approvals. Completes the November 2013 option.

asset acquisition disposition

Oil Basins placed about 13.4m shares at 1.5 cents to raise $201,500 from long-term local shareholders for working capital. This is another small raising at the lower price.

capital raising announcement

The Federal Court dismissed the native title party's appeal against the Derby Block determination, finding none of its arguments had merit. Oil Basins now awaits notice of the Minister's intention to grant the permit. This resolves the main open uncertainty.

regulatory community update

Oil Basins placed 7m shares at 1.5 cents to raise $105,000 from long-term shareholders. The price is below the 2 cents of recent placements.

capital raising announcement

Oil Basins buys Shelf Oil, which holds 17.5% of Vic/P41, for 7m shares at 2 cents (about $140k), lifting its combined stake to 35.435%. It also gets an option over Strategic Energy's 25% of Vic/P47 for 6m more shares. No pre-emptions apply.

asset acquisition disposition

Oil Basins placed 21m shares at 2 cents to raise $420,000 for working capital, each with a free 4-cent OBLOB option expiring 30 June 2014. It uses the expanded placement capacity approved at the 12 September meeting.

capital raising announcement

Oil Basins placed 10m shares at 2 cents to raise $200,000 from international professional investors, partly to help market to Chinese-based investors. It is top-up working capital while awaiting the Derby Block grant, following the $100k placement in July.

capital raising announcement

Oil Basins completed buying Green Rock's 20% and now holds 100% of the Backreef Area. It also released a new Bakken-analogue deep oil assessment by 3D-Geo, replacing the earlier Paradise/Valhalla analogue it now calls inadequate. The resource figures are not readable here.

asset acquisition disposition

Oil Basins placed 5m shares at 2 cents to raise $100,000 from international investors, with a 1-for-4 free OBLOB option. It calls this top-up cash while awaiting the Derby Block grant, now expected in August 2013.

capital raising announcement

Oil Basins signed an MOU to buy Green Rock's 20% of the Backreef Area by issuing 25m new shares, nominally at 2 cents (about $500k), with cash adjustments leaving a net payment of about $39k to Oil Basins. Settlement was expected by 20 June 2013, subject to approvals, taking the group to 100%.

asset acquisition disposition

The share purchase plan raised $474,000 from 100 holders, issuing 23.7m shares at 2 cents on 3 May. That is far below the $3.285m maximum. Cash was only $342k at December.

capital raising announcement

Bass Strait Oil used its pre-emption right over Moby's Vic/P41 stake, but Oil Basins still lifts its interest by about 5.435% to 17.935% for a nominal sum. Bass Strait Oil goes to 64.565%. Regulatory approval is pending.

asset acquisition disposition

Oil Basins plans a share purchase plan at 2.0 cents, below the 3.5c January placement, open to existing holders for $1,000-$15,000 each until 26 April. Fully subscribed it would raise about $3.285m from 164m shares. Cash was only $342k at December.

capital raising announcement

Oil Basins agreed to buy up to 25% of Vic/P41 from Moby Oil & Gas for a nominal sum. The increase is at least 4.17%, depending on partners' pre-emption rights, which expire 18 April 2013. This builds on its 12.5% stake.

asset acquisition disposition

The WA mines department told Oil Basins it will issue a notice of intention to grant the Derby Block permit on 27 March 2013. Oil Basins will accept immediately, which would let the Octanex sale proceed, and start planning the first-year work program.

regulatory community update

Amended slide says a native title group, through KRED, tried to appeal the 1 Feb decision on 1 March, so Derby Block grant is now expected to slip to late March 2013. Oil Basins will seek to enforce its rights over Backreef Oil.

regulatory community update

Oil Basins offered Backreef Oil a share in the Octanex deal on the same price per percentage point as Buru's $3.5m purchase. It says it has not consented to that sale. If accepted, Oil Basins and Backreef would each hold 37.5%, Octanex 25%.

joint venture update

The Native Title Tribunal ruled on 1 Feb 2013 that the Derby Block permit may be granted, with heritage conditions. This resolves a five-year process and clears a key step for the Octanex sale. Grant itself is still awaited, expected in the March quarter.

regulatory community update

Oil Basins placed 17.85m shares at 3.5c (about $625k) with free options, and will sell 25% of the Derby Block to Octanex for $1.75m. This replaces the failed Fortescue deal, with far less dilution. Albers Group rises to 9.97%.

capital raising announcement

Fortescue ended talks on 14 January 2013, despite documents being signed off, cancelling the $4.2m placement and Derby Block farm-in. A native title decision on the Derby Block is expected this month. Oil Basins also says Backreef Oil breached its undertakings.

material agreement termination

Independent review lifts Cyrano and Nasutus Barrow Group 2C contingent oil 105% to 1.09 MMbbl; 1C+1P is 1.19 MMstb and 2C+2P 2.02 MMstb including the new Elimia prospect. Excludes the Mardie Greensand. Revises the 2011 figures (2C 1.57 MMstb combined).

resource reserve update

Fortescue Metals agreed to take 120m shares at 3.5c ($4.2m, about 18%) plus 100m options at 9c, its first oil and gas investment. It would also get a priority 25% Derby Block farm-in for $1.75m. Subject to final contracts.

capital raising announcement

East Blina-1 logs show all zones water wet, so no further testing; the well is being plugged and abandoned. This ends the oil hopes from the earlier Laurel shows. The company says the data extends the reservoir zone 3.7 km to Backreef-1 and helps pick future targets.

drilling result

East Blina-1 reached 1,195m total depth. Continuous hydrocarbon shows were seen in the Laurel Formation (1,035-1,060m) but none in the Yellow Drum cuttings; logs will decide. The target came in 27m high, and the Backreef farm-in commitments are complete.

drilling result

Bass Strait Oil says the Federal Court declined Oil Basins' bid to set aside the shares issued to Somerton. The court saw a breach of a listing rule but found prejudice already addressed. Bass Strait Oil intends to seek its legal costs from Oil Basins.

other

Oil Basins signed the rig contract with Dynamic Drilling on 17 September for East Blina-1 (1,210m target depth). Spud is expected early October, with dry-hole cost currently below $2.5m. Environmental clearance is due about 30 September.

drilling scheduled

Oil Basins, now the largest Bass Strait Oil shareholder, has begun Federal Court action over Bass Strait Oil's discounted placement to Cooper Energy's subsidiary Somerton and its 1-for-6 rights issue. This follows its August stake build.

other

Oil Basins signs a letter of intent for Dynamic Drilling Rig 17 to drill East Blina-1 (about 1,100m), with an option for a second well. Spud is expected early October, before the 31 October farm-in deadline, subject to regulator approvals.

drilling scheduled

Oil Basins agrees to buy the Albers Group's 57.76m shares in Bass Strait Oil (operator of its Vic/P41 permit) for $250,000 plus 38.5m new Oil Basins shares. This lifts its holding to 19.87% and makes the Albers Group its largest holder at 7.03%.

asset acquisition disposition

Regulatory approval received on 17 July and the transfer of a direct 7.5% of Vic/P41 from Strategic Energy to Oil Basins is complete. It now holds 12.5% of the Gippsland permit, resolving the pending approval from June.

asset acquisition disposition

Oil Basins agreed to take 7.5% of Vic/P41 from Strategic Energy, approved by joint venture parties and awaiting regulatory approval. With the earlier 5%, it would hold 12.5%. This resolves the potential 12.5% interest.

asset acquisition disposition

Backreef-1 production test recovered light oil, about 0.2 litres, from the Gumhole zone, with flow above 1,000 bpd and permeability about 750mD. The zone gradient showed mostly water, and the upper zone gave only water. Company calls it a discovery; commerciality needs a better up-dip well.

well test result

Green Rock exercised its option for 20% of the Backreef Area and Oil Basins has received $2.5m. This resolves the 30 April election: Oil Basins keeps 80% and funds the next work. It adds to the $1.1m option fee paid on 2 April.

farm in farm out completion

Oil Basins signed a Heads of Agreement for Green Rock to farm into up to 20% of the Backreef Area for up to $3.6m, with a $1.1m non-refundable option payment. This is the first Backreef farm-in; Oil Basins would keep 80% and operatorship.

farm in farm out agreement

Oil Basins contracted ADS Rig 2 for the Backreef-1 production test, with the rig on site by 1 May 2012 and test cost expected below $900,000. It also holds options on rigs for a second well, with arrival by 30 September 2012.

contract award

Oil Basins placed a further 50 million shares at 3.2 cents to raise $1.6m, a 7% premium to the 30-day average price. It uses the last of the AGM-approved capacity and funds the 2012 program, including the Backreef-1 production test.

capital raising announcement

Oil Basins placed 50 million shares at 2.5 cents to raise $1,250,000, using capacity approved at the 29 November AGM. Funds the 2012 program including the Backreef-1 production test. Cash was $287,757 at 31 December.

capital raising announcement

Corrected release: Vic/P41 renewed for five years from 29 November 2011, resolving the renewal thread. Oil Basins holds 5%, potentially rising to 12.5%. Work program includes 3D seismic over Lead A. Farm-in talks continue.

regulatory community update

Independent RPS review estimates the Backreef Area could hold 45.6-117 MMbbl undiscovered oil in place across eight leads, with a mean prospective resource of 20.6 MMbbl. Four leads could exceed Blina field. These are unrisked leads, not discoveries, and 2D seismic is sparse.

resource reserve update

Oil Basins agreed on 11 November 2011 to take a direct 5% of Vic/P41 from Moby, subject to regulatory approval. Its holding could rise to 12.5% with farm-in; the other 7.5% rights come from Strategic Energy, as previously held.

asset acquisition disposition

A scoping study suggests Cyrano could be developed through extended well tests for about US$30m risked capital, with breakeven in 12 months. The company says reserves might rise from about 1.5 MMbbl 2C to 2.0-4.0 MMbbl 2P. Subject to reservoir risk; no booking made.

resource reserve update

The Backreef-1 production test is postponed to about late April 2012 because of early wet-season rains and delayed stakeholder consents. Farm-out talks were shelved after being ended in early October 2011. The second well is still due by 31 October 2012.

drilling scheduled

R3 / R1, which contains the Cyrano oil field, was formally awarded to Oil Basins (100%) for 5 years to 10 October 2016. This resolves the open renewal thread and secures the asset.

regulatory community update

The share purchase plan closed raising $1,104,025 before costs, about half the $2.25m target. 44,161,000 shares at 2.5 cents will be issued on 19 September 2011, with 155 shareholders participating.

capital raising announcement

Oil Basins signed a conditional, non-binding MOU with Advent Energy to use its workover rig and test equipment for a Backreef-1 test from about 21 October. Costs may rise 30-40% over budget. Farm-in interest is reported from several parties.

material agreement

Oil Basins plans a cased-hole production test of Backreef-1 around 21 October 2011, conditional on funding, a workover rig MOU and regulator approval. It says the new oil play may cover about 40-60 sq km but gives no resource estimate.

drilling scheduled

Oil Basins announced a share purchase plan at 2.5 cents, a 16.6% discount, for existing holders ($500 to $15,000 each). If fully subscribed it raises about $2.25m from roughly 90m shares, following cash falling to $263,381.

capital raising announcement

RPS Energy's independent evaluation lifts Cyrano oil in place (R3, 100% owned) to P50 10.13 MMbbl (P90 5.42, P10 18.19) from the earlier 4.36 MMbbl. The directors call it a major upgrade; recovery factors still need improving to matter.

resource reserve update

Oil Basins placed 28 million shares at 3.0 cents to raise $840,000, with a free 1-for-4 OBLOA option (1.5c, expiring 30 June 2012). Funds the Backreef-1 technical assessment and working capital. Priced below the 4.0c noted in December.

capital raising announcement

Weatherford's log assessment of Backreef-1 estimates about 39.2m of possible net oil pay in the 915-965m zone, but only about 3.9m of risked unstimulated moveable oil. The company calls it a potential new oil play; no contingent resource is yet established, and testing is targeted for late Q2 2011.

resource reserve update

Backreef-1 reached 1,500m by the deadline, so Oil Basins has earned its interest, and will issue 2 million shares to Backreef Oil to take its beneficial interest in the Backreef Area to 100%. This lifts the stake from the 90% earned earlier.

farm in farm out completion

Backreef-1 was deepened to 1,800m, then plugged back and cased and suspended at 1,155m. Logs suggested a possible 77m gross oil column (917-994m), but only three valid pressure tests were obtained in the zones of interest, so reservoir quality remained in doubt.

drilling result

Backreef-1 reached 1,500m on 24 October, meeting the farm-in condition, so Oil Basins now earns 90% beneficial interest and operatorship (subject to consents). Patchy oil fluorescence was seen in the Lower Laurel and Yellow Drum Equivalent; to be assessed by logs. TD revised to 1,650m.

drilling progress report

Oil Basins buys Tap's remaining 75% of Retention Lease R3 (Cyrano oil discovery, Carnarvon Basin) for $300,000 cash and 2.0m shares, lifting its interest from 25% to 100%. Cyrano holds about 1.45 MMbbl 2P and is currently seen as uneconomic stand-alone.

asset acquisition disposition

Backreef-1 spudded at 2:30pm on 11 October and was at 204m by the next morning, drilling ahead in the Noonkanbah Formation. No coals were seen in the Liveringa Formation.

drilling spud

The board allots the full 80.9m-share shortfall plus 20.2m options, so the rights issue ends up raising $5,286,374 before costs. This completes the funding for Backreef-1, resolving the earlier shortfall.

capital raising announcement

Rights issue closed 13 September with only $2,071,062 raised for 51.8m shares, well short of the $5.26m target. A shortfall of 80.9m shares remains, with about 79.8m underwritten by Patersons.

capital raising announcement

Oil Basins conditionally commits to drill Backreef-1 to 1,600m, signs a letter of intent for Hunt Energy Rig 3, and lodges its drilling approval application. Spud is targeted for early October; dry-hole cost about $1.9m, conditional on the rights issue raising $5.262m.

drilling scheduled

Oil Basins announces a fully underwritten 1-for-1 rights issue at 4 cents raising $5,261,810, with one free 4-cent option (expiry June 2014) per four shares. Underwritten by Patersons; funds Backreef-1 drilling to earn 90%, gas assessment and native title work. Closes 13 September.

capital raising announcement

Oil Basins signs a non-exclusive alliance with Liquefied Natural Gas Ltd, the placement investor (4.94%), to evaluate a Canning Basin LNG facility. Oil Basins may invest up to 20% at cost, rising to 30% if 2P reserves of at least 1.0 TCF are certified within 4 years.

material agreement

Oil Basins places 6.5 million shares at 4 cents to one exempt investor, raising $260,000. Funds are for working capital and further coal seam and shale gas work in the Canning Basin. The investor is not named here.

capital raising announcement

A second independent report estimates in-situ coal of 50.6 to 118.2 billion tonnes and gross prospective coal seam gas of 4.3 to 10.0 TCF (mean 6.8). It also estimates unrisked shale gas in place of 106.5 to 527.5 TCF (mean 263.8). Prospective only, with no gas proven.

resource reserve update

An independent coal report finds the Permian Lightjack Formation coal is deep enough for coal seam gas across all of the 50% 5/07-8 EP permit, best near Booran-1 by Derby. Oil Basins' acreage is assessed at up to 2 billion tonnes of potential coal. Desktop study only; Backreef-1 would test coal at a suboptimal 150 m.

resource reserve update

Oil Basins closes the Canning Basin Oil offer immediately; applicants totalling $72,500 chose conversion into 1,812,500 shares at 4 cents with free options instead of refunds. The offer raised far below its minimum, so Backreef-1 remains unfunded (inference).

capital raising announcement

Placement of 20 million shares at 2 cents raises $400,000, with a free 1-for-2 option exercisable at 1.5 cents to June 2012. The company says it funds the work program and working capital; this addresses the thin cash flagged earlier.

capital raising announcement

Subsidiary Canning Basin Oil offers sophisticated investors up to 5.95m redeemable 'OilCans' at $1.00 (minimum raise $3.0m) to fund Backreef-1 and Emika-1. If fully raised, Oil Basins is free-carried 65% on Backreef-1 and 28% on Emika-1, with a $400,000 backcost payment.

capital raising announcement

Oil Basins signs conditional heads of agreement with Backreef Oil. Subsidiary Canning Basin Oil could earn 25% of Backreef and 25% of DR9 by funding Backreef-1 ($3.0m minimum) and Emika-1 ($6.0m), potentially lifting Oil Basins' stakes to 90% and 53%. It depends on funding and a rig; lapses 31 Dec 2009.

farm in farm out agreement

The rights issue raised only $126,535 from 12.65 million shares, against $595,757 sought, leaving a 45.97 million-share shortfall. With shortfall placements the total is $161,520. Patersons underwrites $250,000 and the shortfall offer stays open to 23 July 2009.

capital raising announcement

Oil Basins placed 5 million new shares with sophisticated investors and planned a 3-for-2 renounceable rights issue at $0.01, seeking up to $595,757 before costs. Each three new shares carry a free option at $0.015 expiring 30 June 2012, and proceeds fund working capital and Backreef farmout work.

capital raising announcement

An independent geologist's report assesses the Backreef Prospect at a median 270 MMbbl of oil (or 500 Bcf of gas) and also covers Emika in DR9. These are prospective, undrilled estimates, not discoveries. Oil Basins says its Backreef interest was registered in January 2009 and it is now ready to seek a farmout.

resource reserve update

Bass Strait Oil announces Vic/P66 has been awarded to a group in which Oil Basins holds 17%, with Bass Strait Oil 60% as operator and Strategic Energy 23%. This confirms the V07-3 bid; the first two years are studies and data work only.

asset acquisition disposition

Oil Basins settles all disputes with Arc and Buru, and withdraws its litigation with no liability admitted and each side bearing its own costs. A new agreement lets Oil Basins (80%) and Backreef (20%) earn 100% of the Backreef Area by drilling Backreef-1 by 31 October 2010. Buru may earn 30% by paying 90% of the well cost.

material agreement

Buru disputes the force majeure claim and says Oil Basins and Backreef missed the 31 August deadline to fund Backreef-1. Arc will treat it as a default, and unless remedied within 10 business days, the farm-in interests would be lost.

debt default or forbearance

Oil Basins sues Arc Energy in the WA Supreme Court, alleging Arc misused confidential Canning Basin information when it bought Terratek in 2006. It seeks transfer of Terratek and permits L6, EP129 and others, or damages. This puts the Blina partner relationship in dispute.

other

Oil Basins agrees to buy a further 10% of the undeveloped Cyrano oil field (R3) from a Norwest subsidiary for $26,667 plus 333,333 shares (about $60,000), lifting its stake to 25% once approvals are met. Operator Tap Oil does not plan development.

asset acquisition disposition

Remapping turns the Selene prospect in DR9 (Oil Basins 20%) into the deeper Emika prospect, with a 2,400m target. Emika-1 is budgeted at $2.7m, with Oil Basins' share about $800,000. It could be drilled in Q3 or Q4 2008 if a rig is secured.

drilling scheduled

Oil Basins agrees to buy a 15% interest in the undeveloped Cyrano oil field (Retention Licence R3, Carnarvon Basin) from Black Rock Oil & Gas for $40,000 plus 500,000 shares, about $95,000 in total. Net recoverable is about 150,000 barrels. This is a new asset beyond the Canning and Gippsland basins.

asset acquisition disposition

Oil Basins says it is 'deal ready' for the Blina farm-out. The Selene-1 (DR9, 20%) farm-in option is extended to the earlier of 60 days after heritage approval or 31 March 2009. The Vic/P41 third-party exclusivity agreement ended with no terms agreed.

joint venture update

December 2007 quarterly: Vic/P41's operator failed to attract any farm-in partner by late October, and a rig may not be available until 2009. Oil Basins funded its own peer review and signed an exclusive agreement with a third party over part of its rights. Backreef-1 farm-out is aimed at first half 2008.

quarterly activities report

Oil Basins and Backreef Oil are notified they were successful in applying for Canning Basin permit area L07-1, about 5,062 sq km, to be held 50/50. Native title negotiations come first, with no significant spending until approvals are in place.

asset acquisition disposition

The Backreef Resources IPO closing date is extended to 10 October 2007, with ASX quotation now expected 25 October. Oil Basins says the Selene-1 and Backreef-1 wells, planned for Q4 2007, now depend on that listing, as no suitable Canning Basin rig is available.

capital raising announcement

Operator Backreef Oil has been granted 100% of drilling reservation DR9 (formerly 1/06-7), where Oil Basins can earn 20%. Selene-1 may be drilled in late 2007 after heritage approval. Oil Basins now plans to sell part of its Blina Back Reef rights to third parties.

joint venture update

Oil Basins exercises its option for a further 15% of Blina Back Reef, lifting its rights to 50%. Terratek holds 30% and Backreef Oil 20% as operator. This follows the option extended in December 2006 for a $450,000 drilling contribution.

farm in farm out completion

Oil Basins signs a conditional farm-in to Canning Basin drilling reservation DR 1/06-7: it funds 33% of the Selene-1 well (capped at $2.0m) for a 20% interest. A well may be drilled in late 2007 once native title and approvals are finalised. A new Canning asset.

farm in farm out agreement

Oil Basins formally executes a deed assigning it 35% of Blina Back Reef (subject to regulatory approvals), with an option to take a further 15% for $450,000 by 31 March 2007. This completes the October 2006 farm-in and could lift its stake to 50%.

farm in farm out completion

The 35% Canning Basin Blina Back Reef farm-in is now formally executed, at a net cost of about $1.05m. Oil Basins also gets an option on a further 15% for $450,000, open to 31 December 2006 and extendable to March 2007. A well is likely in Q2 2007.

farm in farm out agreement

Oil Basins signs formal farm-ins for 7.5% (Eagle Bay, promote capped at $2,437,500) and 5% (Moby, capped at $1.65m) of Vic/P41, a total of 12.5%. All pre-emptive rights are waived. It pays $500,000 and $333,333 non-refundable down-payments. It only observes JV votes until the caps are paid.

farm in farm out agreement

The rights issue raised $2,528,000, with the shortfall 54% underwritten by Patersons. Formal farm-ins are signed for 7.5% (Eagle Bay) and 5% (Moby, option exercised) of Vic/P41, giving rights to earn 12.5%. Shares relist 23 August.

capital raising announcement

ASX confirms Oil Basins shares return to quotation on 23 August 2006, after suspension since September 1995. Quoted securities are 28.38m shares and 11.47m options at 20 cents; the rest are escrowed.

listing compliance notice

Corrected Appendix 3B: the 3-for-2 rights issue at $0.20 closes 29 June 2006, underwritten to $2.5m. The chairman's letter cites Vic/P41 (7.5%, up to 12.5%) and a 35% Canning Basin Backreef interest. Minimum subscription gives 33.7m shares.

capital raising announcement

All resolutions passed at the 30 May 2006 meeting. The company is now Oil Basins Limited, has a new constitution, and has changed its activities to oil and gas exploration. This clears the way for the rights issue prospectus.

agm notice

Neil Doyle and Kim McGrath were appointed directors on 10 May 2006. Saxon placed 1.5m shares at $0.10 ($150,000), the first half of the seed placement. It also holds a Moby option for a further 5% of Vic/P41, which would lift its prospective interest to 12.5%.

director officer appointment

Saxon plans to become an oil and gas explorer (to be renamed Oil Basins). It will raise $300,000 via a placement at $0.10 and a 3-for-2 rights issue at $0.20 underwritten to $2.5m by Patersons. It has non-binding farm-in deals: 7.5% of Vic/P41 and 35% of part of EP129/L6.

capital raising announcement