Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2014annual report● Neutral
Annual report for year to 30 June 2014. It recaps EP 487 grant and the dispute with Backreef Oil, Backreef Area at 100%, and Gippsland interests of 35.435% in Vic/P41 and 25% in Vic/P47. Oil Basins is seeking to sell Shelf Oil. Text is truncated, so financials are not shown.
19 Sept 2014capital raising announcement● Neutral
Share purchase plan documents were sent to eligible shareholders and the offer opens 22 September at 0.8c, an 11.1% discount to the 12 September close. It is first-come, can be scaled back, and closes 6 October. Repeats the earlier announcement.
18 Sept 2014regulatory community update● Neutral
The tribunal heard Oil Basins' case against Backreef Oil on 18 September. Further submissions are due by 24 September, with Backreef's reply by 1 October, then a decision without another hearing. Outcome of the EP 487 ownership dispute is pending.
15 Sept 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
70.0m new shares at A$0.008 to raise about A$560,000. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0159% to 0.0146% of the company. To keep it you'd need 11,112 more shares - about A$89 at the issue price.
Create a free account to see this worked out for your own holding.
15 Sept 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
236m new shares at about A$0.0081 to raise about A$1.9m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (124,211 at the issue price), your slice goes from 0.0158% to 0.0121% of the company. To keep it you'd need 37,227 more shares - about A$300 at the issue price.
Create a free account to see this worked out for your own holding.
7 Aug 2014investor presentation● Neutral
Presentation for the 7 August 2014 extraordinary general meeting. The excerpt shows only disclaimers, so the meeting's business cannot be confirmed from the text.
29 July 2014investor presentation● Neutral
Presentation on the Derby Block (EP 487), presumably repeating known material such as the independent assessment of the permit and the dispute with Backreef Oil. The excerpt shows only disclaimers, so no new facts can be confirmed.
24 July 2014regulatory community update● Neutral
After the 22 July directions hearing, the tribunal expedited Oil Basins' case to remove Backreef Oil from EP 487 and set a full hearing for 18 September 2014. Work on the permit continues.
9 July 2014asset acquisition disposition● Neutral
Strategic Energy confirms it received 6m Oil Basins shares at 2.0c as full payment for its 25% of Vic/P47. Confirms completion of the sale; nothing new.
9 July 2014debt financing▲ Good
Oil Basins has elected to buy back the Lind convertible security, $300,000 face value plus 6% interest, within the 120-day window, after the recent placement. This removes the convertible note from the March Lind facility, which could otherwise have converted into shares.
3 July 2014asset acquisition disposition▲ GoodMajor
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.
30 June 2014regulatory community update● Neutral
The tribunal has set a directions hearing for 22 July 2014 on Oil Basins' application to remove Backreef Oil from EP 487's title. A procedural step only; no decision yet.
30 June 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
35.0m new shares at A$0.0125 to raise about A$437,500. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (80,000 at the issue price), your slice goes from 0.0111% to 0.0106% of the company. To keep it you'd need 3,874 more shares - about A$48 at the issue price.
Create a free account to see this worked out for your own holding.
25 June 2014regulatory community update● NeutralMajor
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.
23 June 2014regulatory community update● Neutral
The EP 487 flora and fauna survey was completed 20 June. Talks with Backreef Oil and proposed assignee Buru have not resolved ownership; Oil Basins sent a ~$131,000 cash call, claims a $300,000 promote and ~$232,000 back costs, and says it will pursue its rights.
10 June 2014contract award● Neutral
Ecologia's parent, Resource Development Group, announced its subsidiary won the contract to run environmental approvals and biological surveys for 500 km of 2D seismic on the Derby Block. Confirms the consultant already appointed by Oil Basins; no new Oil Basins information.
2 June 2014security holder rights change● Neutral
Notice to holders of the 109.1m OBLOB options (4c exercise): they expire 5pm AEST on 30 June 2014 and cannot be extended. Quotation ends 23 June. Shares last traded at 1.1c, well under 4c.
30 May 2014drilling progress report▲ Good
Oil Basins is about to start a flora and fauna survey on EP 487 ahead of 500 km of 2D seismic. It has an environmental consultant, a Broome area manager and landowner consents, and will fund the survey in the interim. The environment plan is due by 31 July 2014.
28 May 2014other● Neutral
A shareholder letter from Strategic Energy, not from Oil Basins, about its move into graphene. It says it sold its Vic/P47 and Vic/P41 interests and holds shares in Oil Basins. Nothing new for Oil Basins itself.
14 May 2014asset acquisition disposition▲ Good
Oil Basins signed formal agreements to buy Strategic Energy's 25% of Vic/P47, split 50/50 with Shelf Oil, for 6m shares at 2.0 cents. Transfers still need approval. Group interest becomes 25% of P47, alongside 35.435% of P41.
4 Apr 2014investor presentation● Neutral
Presentation at the PESA Deal Day offering farm-in or sale of Cyrano, Backreef (farm-out of 30% to 50%) and the Gippsland permits. It repeats known resource figures, including Cyrano 2C+2P of 2.02 MMstb. No new results.
24 Mar 2014joint venture update▲ Good
Octanex, announcing separately, confirms the Derby Block grant satisfies its conditions for buying 25% from Oil Basins, and supports Oil Basins as operator. The purchase agreement was extended 18 months; registration is still needed before it completes.
24 Mar 2014regulatory community update● Neutral
Bass Strait Oil announced that Vic/P66 was cancelled, approved 18 March 2014. Oil Basins held 17%. This completes the surrender the partners applied for in 2013, as deep-water leads were judged unlikely to create value.
21 Mar 2014regulatory community update▲ GoodMajor
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.
17 Mar 2014debt financing● NeutralMajor
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.
14 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 restates known developments: Backreef lifted to 100% for 25m shares, Vic/P41 at 35.435%, and the Derby Block court win. Acceptance of the Derby offer was lodged 7 March 2014, with grant expected by end of March. Financial figures not shown in the excerpt.
13 Mar 2014regulatory community update▲ Good
Oil Basins lodged its acceptance of the Derby Block offer on behalf of the joint applicants. The regulator says grant normally follows within about a week.
28 Feb 2014admin correction● Neutral
The regulator replaced its Derby Block offer letter because the earlier one omitted a condition required by the native title tribunal determination. Oil Basins has a fresh 30 days to respond. A procedural delay only.
25 Feb 2014regulatory community update▲ Good
The WA regulator sent formal offer documents for the Derby Block: a 6-year permit over about 5,063 sq km. Oil Basins has a month to respond. Follows the December court win; the Backreef Oil dispute over farm-in partners remains open.
20 Feb 2014asset acquisition disposition▲ GoodMajor
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.
