Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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Partner Enegex says it, Seaquest and Moby Oil & Gas have withdrawn from Vic/P47, avoiding the Year 5 well commitment.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.
31 Oct 2014quarterly activities report● Neutral
September quarter cash flow: cash rose to $395,825 from $62,656 after $1.28m of share proceeds, less a $300,000 repayment of borrowings. Operating and investing outflow was $592k. Shares on issue were 857.4m. Next quarter's outlay is estimated at $300k.
31 Oct 2014quarterly activities report● Neutral
September quarter report: EP 487 environment plan for seismic lodged 31 October, East Blina-1 rehabilitation done, Vic/P41 extended, and the Backreef tribunal decision still pending. Two placements raised $997,500 plus $405,000 from the share purchase plan.
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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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.
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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.
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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.
31 July 2014quarterly activities report● Neutral
June quarter report: Oil Basins ran the EP 487 flora and fauna survey, is suing in the tribunal to take 100% of the permit, and now holds 25% of Vic/P47. EP 487 is assessed at 18.9 Tcf gas (P50, 4000m cut-off).
31 July 2014quarterly activities report▼ Bad
June quarter cash flow: cash fell to $62,656 from $410,109, with operating and investing outflow of $517k. Shares on issue were 722.8m. Estimated outlay next quarter is $360k, so funding is needed beyond current cash.
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.
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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.
