30 Apr 2015quarterly activities report▼ Bad
March quarter cash fell to $143,233 from $199,916, with $205,000 raised from shares. Next quarter outlay is estimated at $270k, no loans are drawn, and 975.9m shares are on issue.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2015capital raising announcement▼ BadMajor
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.
What it means for a shareholder
72.5m new shares at A$0.004 to raise about A$290,000. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0256% to 0.0238% of the company. To keep it you'd need 18,573 more shares - about A$74 at the issue price.
Create a free account to see this worked out for your own holding.
20 Apr 2015joint venture update● Neutral
Third-party release: operator Bass Strait Oil says NOPTA approved 6-month work program suspensions for Vic/P41 and Vic/P68, and its mapping shows new oil and gas targets. Oil Basins group holds 35.435% of Vic/P41.
27 Mar 2015joint venture update▲ Good
The Magistrates Court cash-call action against Backreef was settled out of court on 26 March 2015. Oil Basins will receive the full amount claimed within 5 days, plus $2,500 toward legal costs.
25 Mar 2015other● Neutral
Oil Basins released a Gordon Capital equity research report, commissioned after the SAT decision, reviewing the company's projects. The announcement itself contains no new results or figures.
23 Mar 2015regulatory community update● Neutral
Oil Basins advises the SAT judgement against it has been published as [2015] WASAT 26 and is available on its website. Administrative notice with no new information.
18 Mar 2015joint venture update● Neutral
Third-party release: Rey Resources notes the SAT dismissed Oil Basins' application on 17 March and is now considering next steps in completing its purchase of Backreef's 50% of the Derby Block. The SAT result removes a condition on Rey's deal.
17 Mar 2015joint venture update● Neutral
Oil Basins was told the SAT decision on Backreef's removal from the Derby Block will be handed down at 9.30am Perth time on 18 March 2015. Administrative notice only.
17 Mar 2015joint venture update▼ BadMajor
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.
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.
30 Jan 2015quarterly activities report▼ Bad
December quarter cash flow: cash fell to $199,916 from $395,825, with operating and investing outflow of $619,956 against $435,000 of share proceeds. Next quarter's outlay is estimated at $305k. Shares on issue were 928.9m; no loan facilities are shown as drawn.
30 Jan 2015quarterly activities report● Neutral
December quarter report: Vic/P47 moved from 25% to 100% and its Year 5 well was replaced, deferring a cost put at over A$35m. The EP 487 seismic environment plan is to be resubmitted in February, and the SAT decision is due 16 February. A $235,000 placement was done in January.
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.
Create a free account to see this worked out for your own holding.
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.