Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Feb 2012asset acquisition disposition▲ Good
Oil Basins confirms the regulator approved the transfer of a direct 5% Vic/P41 interest from Moby, resolving that pending thread. It now holds 5%, potentially rising to 12.5%; Bass Strait Oil remains operator with 45%.
2 Feb 2012investor presentation● Neutral
February 2012 presentation restates the portfolio (Cyrano, Backreef, Canning 5/07-8 EP, Gippsland) and 2012 value drivers. It shows 395.3m shares after the 50m placement and adjusted cash of $1.537m. No new results.
30 Jan 2012capital raising announcement● NeutralMajor
Oil Basins placed 50 million shares at 2.5 cents to raise $1,250,000, using capacity approved at the 29 November AGM. Funds the 2012 program including the Backreef-1 production test. Cash was $287,757 at 31 December.
What it means for a shareholder
50.0m new shares at A$0.025 to raise about A$1.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0116% to 0.0101% of the company. To keep it you'd need 5,792 more shares - about A$145 at the issue price.
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19 Jan 2012other● Neutral
Oil Basins has commissioned Gordon Capital to write a research report, available on its website. No financial or operational news.
16 Jan 2012resource reserve update● Neutral
Re-release of the RPS Backreef Area prospective resources work, now with slides. RPS's own log review finds 12.1m net pay in Backreef-1 versus Weatherford's 39.2m, an acknowledged ambiguity. Production test now planned for first half 2012.
6 Dec 2011regulatory community update● Neutral
Moby Oil & Gas repeats the five-year Vic/P41 renewal, listing Oil Basins at 5%. Duplicate of the operator's news with added geological commentary.
2 Dec 2011regulatory community update● Neutral
Operator Bass Strait Oil announced a new five-year term for the Vic/P41 permit, starting 29 November 2011. It listed Oil Basins at 5%, potentially rising to 12.5%, and said the joint venture was still talking to potential farm-in partners.
2 Dec 2011regulatory community update▲ GoodMajor
Corrected release: Vic/P41 renewed for five years from 29 November 2011, resolving the renewal thread. Oil Basins holds 5%, potentially rising to 12.5%. Work program includes 3D seismic over Lead A. Farm-in talks continue.
30 Nov 2011other● Neutral
Oil Basins says its website has been redesigned and updated. Administrative notice with no substance.
30 Nov 2011investor presentation● Neutral
Amended version of the 29 November AGM presentation, with the same content visible in the excerpt. Appears to be a re-release; the changes are not identifiable from the text.
29 Nov 2011investor presentation● Neutral
AGM presentation for 29 November 2011 restates the portfolio: R3/R1 Cyrano, Backreef, Canning 5/07-8EP and Gippsland interests, citing the Cyrano scoping study and RPS Backreef report. No new results.
23 Nov 2011resource reserve update▲ GoodMajor
Independent RPS review estimates the Backreef Area could hold 45.6-117 MMbbl undiscovered oil in place across eight leads, with a mean prospective resource of 20.6 MMbbl. Four leads could exceed Blina field. These are unrisked leads, not discoveries, and 2D seismic is sparse.
15 Nov 2011asset acquisition disposition▲ GoodMajor
Oil Basins agreed on 11 November 2011 to take a direct 5% of Vic/P41 from Moby, subject to regulatory approval. Its holding could rise to 12.5% with farm-in; the other 7.5% rights come from Strategic Energy, as previously held.
15 Nov 2011asset acquisition disposition● Neutral
Moby Oil & Gas says it completed transfer of a 5% interest in Vic/P41 to Oil Basins, cutting Moby to 25%. Subject to regulator approval. Counterpart of Oil Basins' own announcement.
28 Oct 2011other● Neutral
Notice of a Boardroom Radio audio broadcast with Neil Doyle on 28 October 2011 discussing the 26 October Cyrano scoping study. No new information.
28 Oct 2011annual report● Neutral
Annual report to 30 June 2011 is re-lodged with the same portfolio: 100% of R3 with contingent resources of 0.54/1.52/3.64 MMbbl, and Backreef-1 cased at 1,155m. Largely repeats the earlier 30 September release; financials not shown in excerpt.
26 Oct 2011resource reserve update▲ GoodMajor
A scoping study suggests Cyrano could be developed through extended well tests for about US$30m risked capital, with breakeven in 12 months. The company says reserves might rise from about 1.5 MMbbl 2C to 2.0-4.0 MMbbl 2P. Subject to reservoir risk; no booking made.
18 Oct 2011drilling scheduled▼ BadMajor
The Backreef-1 production test is postponed to about late April 2012 because of early wet-season rains and delayed stakeholder consents. Farm-out talks were shelved after being ended in early October 2011. The second well is still due by 31 October 2012.
13 Oct 2011regulatory community update▲ GoodMajor
R3 / R1, which contains the Cyrano oil field, was formally awarded to Oil Basins (100%) for 5 years to 10 October 2016. This resolves the open renewal thread and secures the asset.
5 Oct 2011regulatory community update▲ Good
The regulator accepted the R3 renewal application; it now awaits ministerial consent. R3 would be re-awarded to Oil Basins for 5 years with a minimum spend of $200,000 a year. A development scoping study is under way, with a summary due mid-October.
30 Sept 2011annual report● Neutral
Annual report to 30 June 2011 restates the portfolio: 100% of R3 with contingent resources of 0.54/1.52/3.64 MMbbl, and Backreef-1 cased at 1,155m. Plans a Backreef-1 production test in late 2011. Financial figures are not shown in the excerpt.
21 Sept 2011other● Neutral
Notice of a Boardroom Radio audio broadcast with Neil Doyle on 21 September 2011 about his recent presentation. No new information.
19 Sept 2011investor presentation● Neutral
September presentation repeats the Backreef update and portfolio. Snapshot: 345.3m shares after the share purchase plan, 3c price, $10.4m market cap, cash about $1.22m, nil debt. No new results.
16 Sept 2011capital raising announcement● NeutralMajor
The share purchase plan closed raising $1,104,025 before costs, about half the $2.25m target. 44,161,000 shares at 2.5 cents will be issued on 19 September 2011, with 155 shareholders participating.
What it means for a shareholder
44.2m new shares at A$0.025 to raise about A$1.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0133% to 0.0116% of the company. To keep it you'd need 5,865 more shares - about A$147 at the issue price.
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16 Sept 2011material agreement● NeutralMajor
Oil Basins signed a conditional, non-binding MOU with Advent Energy to use its workover rig and test equipment for a Backreef-1 test from about 21 October. Costs may rise 30-40% over budget. Farm-in interest is reported from several parties.
30 Aug 2011drilling scheduled▲ GoodMajor
Oil Basins plans a cased-hole production test of Backreef-1 around 21 October 2011, conditional on funding, a workover rig MOU and regulator approval. It says the new oil play may cover about 40-60 sq km but gives no resource estimate.
22 Aug 2011capital raising announcement● Neutral
The share purchase plan offer documents were sent on 19 August and the offer is open at 2.5 cents, closing 12 September 2011. Administrative step, no new terms.
15 Aug 2011capital raising announcement● NeutralMajor
Oil Basins announced a share purchase plan at 2.5 cents, a 16.6% discount, for existing holders ($500 to $15,000 each). If fully subscribed it raises about $2.25m from roughly 90m shares, following cash falling to $263,381.
11 Aug 2011other● Neutral
Cover notice pointing to a recorded Investorium presentation by Neil Doyle. No new information.
8 Aug 2011investor presentation● Neutral
August presentation by CEO Neil Doyle repeats the portfolio and the Backreef 'new oil play' pitch. Snapshot: 298.6m shares, 3c price, $9m market cap, cash $0.26m at 30 June, nil debt. No new results.
