Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2013joint venture update▼ Bad
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.
3 Sept 2013farm in farm out agreement● Neutral
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.
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31 July 2013quarterly activities report▼ Bad
June quarter cash fell to $104,256 from $275,015 after $631k of spending. Only $474k was raised from the share purchase plan. About $150k outflow is estimated next quarter. Shares on issue were 589.1m; no debt.
31 July 2013quarterly activities report● Neutral
June quarter report: cash fell to about $104,000; Backreef is now 100% and the Derby Block appeal was heard 30 July with judgment reserved. Oil Basins is 'very confident'. Octanex's $1.75m is expected only after grant, later in 2013.
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.
22 July 2013regulatory community update● Neutral
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.
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5 July 2013farm in farm out agreement▲ Good
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.
1 July 2013director officer appointment● Neutral
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%.
21 May 2013asset acquisition disposition● Neutral
Re-release of the 14 May notice that regulatory approval has been obtained for Vic/P41, leaving Oil Basins with 17.935%. No new information.
21 May 2013asset acquisition disposition● Neutral
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.
14 May 2013asset acquisition disposition▲ Good
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.
30 Apr 2013quarterly activities report● Neutral
March quarter report restates known events: the Octanex Derby sale, the appeal heard 29 July, the $240k payment, and Vic/P41 rising to 17.935%. It gives Derby Block P50 prospective resources of 19 Tcf gas and 461 MMbbl oil, and Backreef P50 of 1.8 Tcf. Backreef has no 2013 work obligations.
30 Apr 2013capital raising announcement● NeutralMajor
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.
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30 Apr 2013quarterly activities report▼ Bad
March quarter cash fell to $275,014 from $341,847. Net operating and investing outflow was $685k, including the $240k settlement received, and financing brought in about $618k net. About $300k of outflow is estimated for the next quarter, and 565.4m shares were on issue.
23 Apr 2013asset acquisition disposition● Neutral
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.
23 Apr 2013regulatory community update▼ Bad
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.
23 Apr 2013asset acquisition disposition▲ GoodMajor
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.
12 Apr 2013admin correction▼ Bad
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.
9 Apr 2013other● Neutral
Notice that Gordon Capital has published an updated research report on Oil Basins, available on the company website. No substance beyond that.
9 Apr 2013capital raising announcement● Neutral
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.
3 Apr 2013capital raising announcement● NeutralMajor
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.
27 Mar 2013other● Neutral
Royalco Resources, a third party, bought a 1% share of the Weeks Petroleum Royalty for $8.5 million. The royalty is described as administered by 'Oil Basins Limited', an American Bermuda entity. That is not shown to be this company; no relevance to the company is stated.
26 Mar 2013asset acquisition disposition● Neutral
Oil Basins granted a 2% royalty on R3/R1 (Cyrano) to its own wholly owned subsidiary for $500,000 payable on demand to the company. This is an internal arrangement; no outside money is stated. The text repeats the December 2012 resource figures.
25 Mar 2013regulatory community update▼ Bad
The native title party has asked the Federal Court for extra time to appeal the 1 Feb Derby Block decision, with a hearing on 22 April 2013. Oil Basins expects the mines department to hold off its 27 March offer of the permit, contradicting the earlier timetable.
21 Mar 2013asset acquisition disposition● Neutral
Moby Oil & Gas, the seller, confirmed it proposes to sell its 25% Vic/P41 interest to Oil Basins for a nominal sum, with the buyer assuming all liabilities. Other partners can pre-empt. Moby had already impaired the interest.
21 Mar 2013asset acquisition disposition▲ GoodMajor
Oil Basins agreed to buy up to 25% of Vic/P41 from Moby Oil & Gas for a nominal sum. The increase is at least 4.17%, depending on partners' pre-emption rights, which expire 18 April 2013. This builds on its 12.5% stake.
