Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2015half year report● Neutral
Half-year report to 31 December 2014 restates known events: Vic/P47 and R3/R1 resource bookings, the Vic/P47 royalty, and the pending SAT decision (due 16 March). Environmental plan resubmission for the Derby Block is planned for mid-March. Text is truncated, so financials are not visible.
4 Mar 2015regulatory community update● Neutral
Operator Bass Strait Oil applied on 3 March 2015 to suspend and extend the Vic/P41 Year 3 work program by 12 months to 28 May 2016, with term to 28 May 2018. If approved, no Year 4 well is needed until 28 May 2017. Oil Basins group holds 35.435%.
3 Mar 2015joint venture update● Neutral
SAT decision on removing Backreef from EP 487 extended again, to 16 March 2015. Magistrates Court hearing is expected in April and District Court hearing in May 2015, with a further mediation by 31 March.
12 Feb 2015joint venture update● Neutral
The SAT decision on removing Backreef Oil from the Derby Block (EP 487) was extended again, to 3 March 2015. Oil Basins expects progress on its Magistrates and District Court cash-call claims against Backreef before then.
4 Feb 2015debt financing● Neutral
Lind agreed a further 60-day suspension, to 31 March 2015, of the residual funding of up to A$5.4m. Termination rights for both sides are unaffected. Funding was previously paused from 23 October 2014, and no new money is provided.
27 Jan 2015joint venture update▼ BadMajor
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.
22 Jan 2015joint venture update● Neutral
The SAT decision on removing Backreef Oil from EP 487 was delayed again, to 16 February 2015. Oil Basins' supplementary submissions relied on the Abbotts case. A Magistrates Court pre-trial conference is on 13 February and District Court mediation on 19 February.
8 Jan 2015asset acquisition disposition▲ Good
NOPTA registered the 2% overriding royalty over Vic/P47 for an Oil Basins subsidiary. The company also says 3D-Geo will start reprocessing seismic, with about 50% of costs deferred until a farm-out, and talks to divest Shelf Oil are advancing.
7 Jan 2015capital raising announcement▼ BadMajor
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.
What it means for a shareholder
47.0m new shares at A$0.005 to raise about A$235,000. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0215% to 0.0205% of the company. To keep it you'd need 10,120 more shares - about A$51 at the issue price.
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15 Dec 2014regulatory community update▲ GoodMajor
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.
10 Dec 2014resource reserve update▲ GoodMajor
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.
3 Dec 2014asset acquisition disposition▲ Good
Oil Basins signed documents for its subsidiary to receive a 2.0% overriding royalty on all hydrocarbons from Vic/P47 (Judith and Moby), subject to NOPTA approval. Adds a small royalty to the group's 100% permit holding.
1 Dec 2014joint venture update● Neutral
Oil Basins responds to the Rey deal, saying Backreef does not presently hold a 50% beneficial interest in the Derby Block. It calls the Rey transaction highly conditional and awaits the SAT decision, expected by 27 January 2015.
28 Nov 2014farm in farm out completion▲ GoodMajor
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.
28 Nov 2014farm in farm out agreement● NeutralMajor
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.
25 Nov 2014investor presentation● Neutral
2014 AGM presentation under the theme of developing strategic hubs in mature hydrocarbon areas. The visible text is mainly disclaimers and competent person statements; the rest is truncated, so no new facts can be confirmed.
21 Nov 2014joint venture update● Neutral
The SAT President asked for submissions on a new 14 November WA Court of Appeal case, pushing the decision on removing Backreef Oil from EP 487 to late January 2015. Oil Basins believes the case supports parts of its position.
19 Nov 2014regulatory community update● Neutral
WA regulator approved a 9-month suspension of the EP 487 Year 1 work program, to 31 December 2015 per the text, because seismic equipment is available only after 1 July 2015. The SAT decision on removing Backreef Oil is still pending, expected within 90 days of the 18 September hearing.
18 Nov 2014resource reserve update▲ GoodMajor
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.
17 Nov 2014regulatory community update▼ Bad
The Full Federal Court dismissed Oil Basins' appeal against 2014 cost orders in the Nyikina Mangala native title claim. The company expects a financial impact of about $200,000, a cost against a company that had $395,825 cash at 30 September.
17 Nov 2014resource reserve update▲ GoodMajor
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.
14 Nov 2014asset acquisition disposition▲ GoodMajor
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.
14 Nov 2014joint venture update● Neutral
Partner Enegex says it, Seaquest and Moby Oil & Gas have withdrawn from Vic/P47, avoiding the Year 5 well commitment. Oil Basins would hold 50% as proposed operator and Shelf Oil 50%, subject to NOPTA approval. Third-party release.
29 Oct 2014resource reserve update▲ GoodMajor
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.
29 Oct 2014resource reserve update▲ GoodMajor
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.
23 Oct 2014admin correction● Neutral
Correction to the 17 October Gippsland update. It clarifies that on 15 October the Vic/P47 partners applied to vary the Year 5 work program to 200 sq km of seismic reprocessing instead of drilling a well. Other content is unchanged.
23 Oct 2014debt financing● Neutral
Oil Basins obtained a three-month pause of monthly Lind funding tranches, following the September placement and share purchase plan. The Lind facility of up to A$7.25m from March 2014 is not cancelled, only paused.
17 Oct 2014joint venture update▲ Good
Oil Basins repeated the operator's news: the Vic/P41 Year 3 work program was extended six months to 28 May 2015, and farm-out activity was planned to start at the end of October 2014. The Vic/P47 partners lodged a variation to the Year 4 work program to do 3D reprocessed seismic studies.
16 Oct 2014regulatory community update▲ Good
Bass Strait Oil, operator of Vic/P41, reports a six-month extension to the permit's Year 3 work program. It also reports positive reprocessed seismic results and plans to start a farm-out. Oil Basins group holds 35.435% of Vic/P41. Third-party release, not Oil Basins' own.
10 Oct 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
50.6m new shares at A$0.008 to raise about A$405,000. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0146% to 0.0138% of the company. To keep it you'd need 7,380 more shares - about A$59 at the issue price.
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