Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2014capital raising announcement● NeutralMajor
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.
What it means for a shareholder
13.4m new shares at A$0.015 to raise about A$201,500. That's 2.0% dilution: every existing holder's slice gets 2.0% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.01% to 0.00984% of the company. To keep it you'd need 1,345 more shares - about A$20 at the issue price.
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.
12 Dec 2013capital raising announcement● NeutralMajor
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.
What it means for a shareholder
7.0m new shares at A$0.015 to raise about A$105,000. That's 1.1% dilution: every existing holder's slice gets 1.1% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.0101% to 0.01% of the company. To keep it you'd need 710 more shares - about A$11 at the issue price.
AGM presentation recapping the portfolio: Derby Block 50%, Backreef 100%, Vic/P41 at 35.4% combined, and a Vic/P47 option. It expects the Federal Court decision late in the December quarter. No new results.
18 Nov 2013asset acquisition disposition▲ GoodMajor
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.
Presentation promoting the Backreef Area deep tight oil case to potential farm-in partners. It repeats the known 3D-Geo Bakken-analogue assessment and adds no new result.
Re-release of the 2013 annual report already lodged on 1 October. It repeats the Cyrano figures, including the combined 2C plus 2P P50 of 2.02 MMstb. No new information.
Annual report for year to 30 June 2013. It restates known positions: 100% of Backreef, 50% of the Derby Block pending the appeal, 17.935% of Vic/P41, and 17.3% of Bass Strait Oil. Directors and Deloitte as auditor unchanged.
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.
What it means for a shareholder
21.0m new shares at A$0.020 to raise about A$420,000. That's 3.4% dilution: every existing holder's slice gets 3.4% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00828% to 0.008% of the company. To keep it you'd need 1,738 more shares - about A$35 at the issue price.
Oil Basins disputes Bass Strait Oil's claim that pre-emption rights lapsed, saying the Cooper deals appear to involve a person of influence without BAS shareholder approval. It has raised concerns with BAS and ASX and awaits a reply.
Bass Strait Oil says its Vic/P41 and Vic/P68 farm-in deals with Cooper Energy remain conditional, and claims Oil Basins' and Strategic Energy's pre-emption rights have lapsed. An assignment deed goes to JV partners, then government, for approval.
7 Aug 2013capital raising announcement● NeutralMajor
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.
What it means for a shareholder
10.0m new shares at A$0.020 to raise about A$200,000. That's 1.7% dilution: every existing holder's slice gets 1.7% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00842% to 0.00828% of the company. To keep it you'd need 842 more shares - about A$17 at the issue price.
29 July 2013asset acquisition disposition▲ GoodMajor
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.
The Federal Court will hear the native title appeal on 30 July in a half-day sitting. Oil Basins' lawyers see good grounds to dismiss it, and it expects the grant soon after. It will then act to enforce Octanex's priority farm-in over Backreef Oil's share.
5 July 2013capital raising announcement● NeutralMajor
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.
What it means for a shareholder
5.0m new shares at A$0.020 to raise about A$100,000. That's 0.842% dilution: every existing holder's slice gets 0.842% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00849% to 0.00842% of the company. To keep it you'd need 424 more shares - about A$8 at the issue price.
Operator Bass Strait Oil signed a non-binding letter of intent with Cooper Energy. Cooper would reprocess seismic and receive a 25.8% interest in Vic/P41, where Oil Basins holds 17.935%. It is conditional on government approval of a work program variation. The effect on Oil Basins' share is not stated.
Joint company secretary Melanie Leydin resigned, effective 1 July 2013, after serving since 2006. Justin Mouchacca becomes sole company secretary. Administrative change.
14 June 2013asset acquisition disposition● Neutral
Green Rock Energy, the seller, confirms its MOU to sell its 20% Backreef Area interest to Oil Basins for 25m escrowed Oil Basins shares plus a net payment of about $39,000 to Oil Basins. This is the counterparty's version of the same deal.
14 June 2013asset acquisition disposition▲ GoodMajor
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%.
Bass Strait Oil, the operator, confirms final regulatory approval for the Vic/P41 transfer. Ownership is Bass 64.565%, Oil Basins 17.935% and Strategic Energy 17.5%. This repeats Oil Basins' own announcement.
Regulatory approval for the Vic/P41 transfer has been formally obtained. Oil Basins now holds 17.935%, Bass Strait Oil 64.565% as operator and Strategic Energy 17.5%. This completes the step announced on 23 April.
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.
What it means for a shareholder
23.7m new shares at A$0.020 to raise about A$474,000. That's 4.0% dilution: every existing holder's slice gets 4.0% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00884% to 0.00849% of the company. To keep it you'd need 2,096 more shares - about A$42 at the issue price.
Bass Strait Oil, the Vic/P41 operator, says it exercised its pre-emption right over Moby's 25% for a nominal sum and will hold 64.565%. Oil Basins ends on 17.935%. This is the partner's view of the same deal.
The Federal Court set 30 July 2013 to hear the Nyikina Mangala appeal against the Derby Block decision and told the claimants to file a revised notice by 3 May. A decision is expected soon after, so permit grant is pushed back again.
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.
Because of a share registry error, the share purchase plan forms carried the wrong BPay biller code. The correct code is 213 223 and amended forms were being sent. Administrative only.
The share purchase plan offer documents were sent to shareholders and the offer opened at 2.0 cents, closing 26 April. The chairman's letter lists the expected Derby Block grant and the Octanex farm-in among the company's drivers. No new figures.
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.
