Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
11 Apr 2014quarterly activities report▲ Good
March quarter report: Derby Block granted as EP 487, with seismic tenders called and 500 km of 2D seismic planned. The Lind funding is noted, and the Backreef environment plan was lodged 4 April. A joint venture meeting with Backreef Oil is set for late April.
11 Apr 2014quarterly activities report▲ Good
March quarter cash flow report: cash rose to $410,109 from $64,905, helped by $551,500 of share proceeds and $370k from a subsidiary sale. Operating outflow was $565k. Shares on issue were 694.1m. Next-quarter outlay is estimated at $335k.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter cash fell to $64,905 from $188,895, with $511k of operating outflow against $413k of share proceeds ($387k net of raising costs). Shares on issue were 664.1m, Vic/P41 rose to 35.435%, and next-quarter outlay was estimated at $200k.
31 Jan 2014quarterly activities report● Neutral
December quarter report repeats the Gippsland restructuring (Vic/P41 35.435%, Vic/P47 option) and the 23 December court win. Oil Basins expects the Derby Block grant in mid-February 2014 and is talking to farm-in parties for Backreef. No new results.
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.
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23 Dec 2013regulatory community update▲ GoodMajor
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.
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27 Nov 2013investor presentation● Neutral
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.
12 Nov 2013investor presentation● Neutral
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.
28 Oct 2013annual report● Neutral
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.
25 Oct 2013quarterly activities report● Neutral
September quarter cash flow report: cash rose to $188,895 from $104,256 on $410k of share proceeds against $302k of operating outflow. Next-quarter outlay is estimated at $250k. Shares on issue were 629.1m; no debt.
25 Oct 2013quarterly activities report● Neutral
September quarter report: three placements raised $720,000 gross. The Backreef deep tight oil assessment is P50 391 MMbbl plus 370 Bcf. The Derby Block court judgment is still awaited, now expected in the December quarter.
1 Oct 2013annual report● Neutral
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.
30 Sept 2013capital raising announcement● NeutralMajor
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.
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