Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2016quarterly activities report● Neutral
December quarter cash fell to $149,091 from $159,994, after $380,000 from the new Lind convertible and $30,000 from shares. Next quarter outlay is estimated at $150k. Shares on issue are 1,139,587,360, including 25m Lind collateral shares; 67m options issued at 0.4658c.
15 Jan 2016resource reserve update▲ GoodMajor
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.
15 Jan 2016joint venture update▼ Bad
Rey Resources denies it is in default under the EP487 joint operating agreement and rejects OBL's allegations about its ability to act as operator. It says it will tell the market what action it will take. This is the partner's response to OBL's 14 January claims.
14 Jan 2016joint venture update▼ BadMajor
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.
13 Jan 2016director officer appointment● Neutral
Company Secretary Justin Mouchacca resigned; non-executive director Carl Dumbrell was appointed Company Secretary, effective 13 January 2016.
7 Jan 2016resource reserve update▲ Good
New static reservoir study of Cyrano (R3/R1, 100%) gives 2C/P50 recoverable oil of 2.0 MMbbl Barrow plus 1.4 MMbbl Mardie, 3.4 MMbbl total. This broadly confirms the May 2015 reserves (2P 3.01 MMstb). A desktop environmental study judges a conventional development manageable.
3 Dec 2015investor presentation● Neutral
December 2015 corporate presentation. The extract shows only disclaimers and no new results or figures; it appears to restate known company information.
30 Nov 2015investor presentation● Neutral
Presentation to the 30 November AGM says the planned $4m Derby Block 2D seismic is replaced by 2016 drilling, with new plays, prospects and well sites mapped. It repeats the variation already lodged in September; no new resource figures appear in the extract.
23 Nov 2015regulatory community update● Neutral
NOPTA approved a 12-month work program extension for Vic/P47 to 19 November 2016, to finish the Moby/Northern Fields 3D seismic and AVO/QI study. The overall study cost is $581,000 and it is about 60% complete, with permit renewal now expected in late 2016.
6 Nov 2015debt financing● NeutralMajor
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.
30 Oct 2015quarterly activities report● Neutral
September quarter: Derby Block seismic delayed to 2016 as the contractor lacks equipment; the variation decision from the regulator is pending in November. Vic/P47 seismic study ran significantly behind schedule; a 12-month suspension is sought. Vic/P41 variation removes a $35m well obligation in 2016.
30 Oct 2015regulatory community update▲ Good
Third-party release: NOPTA approved a 12-month variation for Vic/P41, delaying the required exploration well by a year to 28 November 2017. Oil Basins holds 35.435% of the permit. The delay eases the near-term drilling obligation.
30 Oct 2015quarterly activities report● Neutral
September quarter cash fell to $159,994 from $335,215, including $120,000 received in advance for shares issued 6 October. Next quarter outlay is estimated at $150k, no loans are drawn, and 1,077,087,360 shares are on issue.
29 Oct 2015joint venture update▲ Good
Third-party release from operator Bass Strait Oil: a technical review estimates 8 million barrels of 2C contingent oil at Leatherjacket (Vic/P68) and over 1.75 Tcf of gross prospective gas in Vic/P68 and P41. BAS will seek farm-in partners. Oil Basins holds 35.435% of Vic/P41 only.
30 Sept 2015annual report● Neutral
Annual report to 30 June 2015. Seismic contractor Terrex said on 18 September it cannot complete the 533 km Derby Block survey in 2015, so a variation was lodged on 24 September to delay it to 2016 or move to drilling two wells by December 2016.
30 Sept 2015other● Neutral
Appendix 4G corporate governance statement lodged with the annual report; the statement is on the company's website. Administrative filing with no new results or figures.
30 Sept 2015capital raising announcement● NeutralMajor
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.
What it means for a shareholder
37.5m new shares at A$0.004 to raise about A$150,000. That's 3.4% dilution: every existing holder's slice gets 3.4% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0232% to 0.0224% of the company. To keep it you'd need 8,704 more shares - about A$35 at the issue price.
Create a free account to see this worked out for your own holding.
31 July 2015quarterly activities report● Neutral
June quarter cash rose to $339,064 from $143,232, helped by $290,000 raised from shares and $368,000 received in settlement. Next quarter outlay is estimated at $200k, no loans are drawn, and 1,048,387,360 shares are on issue.
31 July 2015quarterly activities report● Neutral
June quarter: Derby Block settlement with Rey completed (50/50 JV, $391,000 received), and the seismic environment plan approved 31 July. Vic/P47 Moby extension approved; Lind funding ended. A 500 km seismic survey is planned for 4Q2015, budget about $3.2m gross.
29 July 2015regulatory community update▲ GoodMajor
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.
27 July 2015other● Neutral
Oil Basins released a third Gordon Capital research report, 'Doing a Bradbury!', on the Derby Block wet Laurel gas project. The announcement itself contains no new results or figures.
13 July 2015material agreement termination● NeutralMajor
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.
3 July 2015investor presentation● Neutral
July 2015 corporate update and Derby Block (EP487) presentation on the wet Laurel basin-centred gas play. Text shown is mostly disclaimers and no new figures or results; it repeats known project details.
3 July 2015director officer appointment● Neutral
Carl Dumbrell, a Sydney accounting partner with 20 years' tax and assurance experience, was appointed an additional non-executive director. He joins Kim McGrath, Neil Doyle and Nigel Harvey on the board.
9 June 2015other● Neutral
Oil Basins released a second Gordon Capital research report, this time on the Derby Block wet Laurel gas project. The announcement itself contains no new results or figures.
2 June 2015investor presentation● Neutral
June 2015 presentation on the Derby Block (EP487) wet Laurel basin-centred gas play, repeating known resource estimates and project details. Truncated text shows no new announcements.
1 June 2015farm in farm out completion▲ GoodMajor
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.
1 June 2015farm in farm out agreement▲ GoodMajor
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.
18 May 2015resource reserve update▲ GoodMajor
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%.
30 Apr 2015quarterly activities report● Neutral
March quarter: SAT application dismissed, Magistrates Court claim settled (about $17,000), and the Derby Block environmental plan resubmitted on 30 March. Renewed talks with Rey and Backreef were under way, with the District Court claim of over $160,000 still pending.
