Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 June 2012asset acquisition disposition▲ GoodMajor
Oil Basins agreed to take 7.5% of Vic/P41 from Strategic Energy, approved by joint venture parties and awaiting regulatory approval. With the earlier 5%, it would hold 12.5%. This resolves the potential 12.5% interest.
15 June 2012asset acquisition disposition● Neutral
Strategic Energy says it agreed to transfer a 7.5% Vic/P41 interest to Oil Basins, approved by all JV parties and awaiting regulatory approval. Its stake falls to 17.5%. Mirrors Oil Basins' own release.
5 June 2012investor presentation● Neutral
June presentation on Backreef future operations. It shows 462.4m shares, cash about $4.0m and a market cap of $16.1m. The share price was 3.5c on 4 June 2012, against 8.4c in early April.
31 May 2012other● Neutral
Oil Basins notes a new Gordon Capital research report is on its website. No financial or operational news.
30 May 2012regulatory community update▼ Bad
Native title mediation on the 5/07-8 EP 'Derby Block' has been ended by the Tribunal after the Nyikina & Mangala and the Kimberley Land Council withdrew. The grantees, including Oil Basins, have applied for an arbitrated determination. Permit grant is delayed.
29 May 2012well test result● Neutral
Green Rock re-lodges Oil Basins' Backreef-1 oil discovery announcement. It holds the 20% interest in the Backreef Area. No new information.
29 May 2012well test result▲ GoodMajor
Backreef-1 production test recovered light oil, about 0.2 litres, from the Gumhole zone, with flow above 1,000 bpd and permeability about 750mD. The zone gradient showed mostly water, and the upper zone gave only water. Company calls it a discovery; commerciality needs a better up-dip well.
28 May 2012security holder rights change● Neutral
Notice to OBLOA option holders: the 1.5c options expire 30 June 2012, with quotation ending 22 June. The share price was 4.7c on 22 May. Exercise would bring in cash; this notice is routine.
22 May 2012drilling progress report● Neutral
Green Rock re-lodges Oil Basins' 22 May Backreef-1 delay notice. No new information.
22 May 2012drilling progress report▼ Bad
Backreef-1 test delayed again: rig downtime and a difficult cement plug, now drilled out, push the start to 24 May, from about 20 May.
16 May 2012drilling progress report● Neutral
All regulator approvals for the Backreef-1 test are received. The rig is expected on site 17 May, with testing from about 20 May. The joint venture is shown as 80% Oil Basins and 20% Green Rock, subject to stakeholder approvals.
16 May 2012drilling progress report● Neutral
Green Rock re-lodges Oil Basins' 16 May Backreef-1 test update. No new information.
7 May 2012drilling scheduled▼ Bad
Backreef-1 test timetable: rig-up 15 May, testing 17–20 May, subject to approvals. Budget now about $1.8m, up from $900k, because two zones will be tested and camp costs rose. Dry results would lead to more seismic.
1 May 2012farm in farm out completion▲ GoodMajor
Green Rock exercised its option for 20% of the Backreef Area and Oil Basins has received $2.5m. This resolves the 30 April election: Oil Basins keeps 80% and funds the next work. It adds to the $1.1m option fee paid on 2 April.
1 May 2012farm in farm out completion▲ Good
Green Rock says it exercised its option and paid $2.5m for a 20% interest in the Backreef Area, via a share sale agreement for an Oil Basins subsidiary. Duplicates Oil Basins' own release of the same day.
26 Apr 2012drilling progress report▼ Bad
Road works to Backreef-1 hit difficult ground when a contractor's dozer bogged. Site works now finish the week of 4 May, pushing the production test to around the week of 15 May from the planned 1 May start, pending last stakeholder approvals.
17 Apr 2012other● Neutral
Oil Basins notes Gordon Capital has prepared an updated research report, available on its website. No financial or operational news.
16 Apr 2012drilling progress report● Neutral
Green Rock re-lodges Oil Basins' 13 April site preparation notice, noting its own funding commitments of at least $3.22m. No new information.
13 Apr 2012drilling progress report● Neutral
Test paperwork was lodged with stakeholders on 12 April. Site clearing starts the following week ahead of ADS Rig 2 arriving around 1 May, still subject to formal stakeholder approval. Continues the Backreef-1 production test preparations.
12 Apr 2012farm in farm out agreement▲ Good
Green Rock says it has firm commitments for at least $3.22m, enabling it to exercise the Backreef option by 30 April 2012. This supports the farm-in funding, though completion still depends on Green Rock paying by that date.
2 Apr 2012farm in farm out agreement▲ GoodMajor
Oil Basins signed a Heads of Agreement for Green Rock to farm into up to 20% of the Backreef Area for up to $3.6m, with a $1.1m non-refundable option payment. This is the first Backreef farm-in; Oil Basins would keep 80% and operatorship.
2 Apr 2012other● Neutral
Oil Basins has commissioned Alpha Securities to write a research report, available on its website. No financial or operational news.
2 Apr 2012investor presentation▲ Good
Oil Basins' April presentation showed 453.6m shares on issue, cash of $2.64m at 31 March and up to $3.6m receivable from Green Rock. The share price was 8.4 cents at 1 April, within a 3-month range of 1.9 to 10.0 cents.
2 Apr 2012farm in farm out agreement▲ Good
Green Rock Energy announces its side of the Heads of Agreement with Oil Basins: an option to acquire up to 20% of the Backreef Area for up to $3.6m. Duplicates Oil Basins' own release of the same day.
28 Mar 2012other● Neutral
Notice of a radio broadcast link to Neil Doyle's 20 March conference presentation. No new operational or financial information.
22 Mar 2012contract award▲ GoodMajor
Oil Basins contracted ADS Rig 2 for the Backreef-1 production test, with the rig on site by 1 May 2012 and test cost expected below $900,000. It also holds options on rigs for a second well, with arrival by 30 September 2012.
19 Mar 2012investor presentation● Neutral
March 2012 conference presentation repeats the known portfolio. It shows 445.3m shares, cash about $2.8m and a share price of 5.9 cents, up from 3.2 cents a month earlier.
1 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 restates the portfolio and strategy: Cyrano, Backreef, Canning and Gippsland interests. The Vic/P41 5% transfer is still shown as pending regulator approval. The text excerpt gives no new results.
27 Feb 2012capital raising announcement▲ GoodMajor
Oil Basins placed a further 50 million shares at 3.2 cents to raise $1.6m, a 7% premium to the 30-day average price. It uses the last of the AGM-approved capacity and funds the 2012 program, including the Backreef-1 production test.
What it means for a shareholder
50.0m new shares at A$0.032 to raise about A$1.6m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (31,250 at the issue price), your slice goes from 0.0079% to 0.00702% of the company. To keep it you'd need 3,952 more shares - about A$126 at the issue price.
Create a free account to see this worked out for your own holding.
16 Feb 2012asset acquisition disposition● Neutral
Moby Oil & Gas says regulator approval for transferring a 5% Vic/P41 interest to Oil Basins has been received, cutting Moby to 25%. This resolves the pending transfer approval.
