Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2013regulatory community update▲ GoodMajor
The WA mines department told Oil Basins it will issue a notice of intention to grant the Derby Block permit on 27 March 2013. Oil Basins will accept immediately, which would let the Octanex sale proceed, and start planning the first-year work program.
15 Mar 2013half year report● Neutral
Half-year report to 31 Dec 2012. The text is largely garbled, but the review repeats East Blina-1, Cyrano and Derby Block events, and the Bass Strait Oil costs payment. Financial figures are not readable.
5 Mar 2013regulatory community update● Neutral
Octanex confirms the Native Title Tribunal decision but says an appeal has been lodged, so grant is expected to be delayed. Its 25% Derby Block purchase from Oil Basins stays conditional on grant.
5 Mar 2013investor presentation● Neutral
Re-release of the March 2013 investor presentation lodged the day before, apparently with formatting changes. No new substance evident.
4 Mar 2013investor presentation● Neutral
March 2013 conference presentation pitching Oil Basins' exposure to Canning Basin shale-type exploration. Visible text is mostly disclaimers and repeats known assets; no new figures stated.
4 Mar 2013regulatory community update▼ BadMajor
Amended slide says a native title group, through KRED, tried to appeal the 1 Feb decision on 1 March, so Derby Block grant is now expected to slip to late March 2013. Oil Basins will seek to enforce its rights over Backreef Oil.
4 Mar 2013investor presentation● Neutral
Backreef Area overview presentation, March 2013. Visible text is disclaimers only; no new results or figures can be reported from it.
1 Mar 2013material agreement▲ Good
Bass Strait Oil paid Oil Basins $240,000 under a settlement deed over the Federal Court costs awarded last year. This closes the costs claim, and the cash helps a balance sheet that fell to $342k at December.
15 Feb 2013other● Neutral
Notice that a new research report on Oil Basins by Gordon Capital is on the company website. No substance beyond that.
14 Feb 2013investor presentation● Neutral
Presentation on Derby Block prospectivity for shale-type oil and gas in the Canning Basin. The visible text is disclaimers only, so no new figures can be reported from it.
6 Feb 2013joint venture update● NeutralMajor
Oil Basins offered Backreef Oil a share in the Octanex deal on the same price per percentage point as Buru's $3.5m purchase. It says it has not consented to that sale. If accepted, Oil Basins and Backreef would each hold 37.5%, Octanex 25%.
4 Feb 2013regulatory community update● Neutral
Octanex re-releases Oil Basins' Native Title Tribunal announcement, noting its agreed 25% Derby Block purchase is still conditional on permit grant. The block covers about 5,063 km2. No new information.
4 Feb 2013regulatory community update▲ GoodMajor
The Native Title Tribunal ruled on 1 Feb 2013 that the Derby Block permit may be granted, with heritage conditions. This resolves a five-year process and clears a key step for the Octanex sale. Grant itself is still awaited, expected in the March quarter.
31 Jan 2013quarterly activities report▼ Bad
Cash and funding: Appendix 5B shows cash fell to $341,847 at 31 Dec 2012 from $3.07m, with $2.73m of operating and investing outflow in the quarter. No debt; next-quarter outlay estimated at $350k, before the $625k January raise.
31 Jan 2013quarterly activities report● Neutral
December quarter review repeats known events: East Blina-1 plugged, Cyrano resources upgrade, Fortescue deal terminated and replaced by Octanex, Derby Block native title decision awaited, and the Backreef Oil breach notice. Also says a costs claim against Bass Strait Oil was pursued.
24 Jan 2013capital raising announcement▲ GoodMajor
Oil Basins placed 17.85m shares at 3.5c (about $625k) with free options, and will sell 25% of the Derby Block to Octanex for $1.75m. This replaces the failed Fortescue deal, with far less dilution. Albers Group rises to 9.97%.
What it means for a shareholder
17.9m new shares at A$0.035 to raise about A$625,000. That's 3.2% dilution: every existing holder's slice gets 3.2% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00522% to 0.00505% of the company. To keep it you'd need 931 more shares - about A$33 at the issue price.
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24 Jan 2013other● Neutral
ASX lifts the trading suspension before the market opens on 24 January 2013, following the company's placement and Derby Block announcement. Administrative.
24 Jan 2013farm in farm out agreement▲ Good
Octanex confirms buying 25% of the Derby Block for $1.75m, conditional on permit grant, plus 15m Oil Basins shares at 3.5c ($525k). It says Buru is acquiring Backreef Oil's 50%, so likely partners are Buru 50%, Oil Basins 25%, Octanex 25%.
22 Jan 2013other● Neutral
Voluntary suspension extended again, to as late as 24 January 2013, pending the capital raising announcement. Administrative.
21 Jan 2013other● Neutral
Voluntary suspension extended to as late as 22 January 2013 pending the capital raising announcement. Administrative.
17 Jan 2013other▼ Bad
At Oil Basins' request, trading in its shares is suspended pending an announcement on a capital raising for operations and working capital. Follows a trading halt on 15 January, after the Fortescue deal collapsed.
15 Jan 2013material agreement termination▼ BadMajor
Fortescue ended talks on 14 January 2013, despite documents being signed off, cancelling the $4.2m placement and Derby Block farm-in. A native title decision on the Derby Block is expected this month. Oil Basins also says Backreef Oil breached its undertakings.
18 Dec 2012resource reserve update▲ GoodMajor
Independent review lifts Cyrano and Nasutus Barrow Group 2C contingent oil 105% to 1.09 MMbbl; 1C+1P is 1.19 MMstb and 2C+2P 2.02 MMstb including the new Elimia prospect. Excludes the Mardie Greensand. Revises the 2011 figures (2C 1.57 MMstb combined).
15 Nov 2012capital raising announcement▲ GoodMajor
Fortescue Metals agreed to take 120m shares at 3.5c ($4.2m, about 18%) plus 100m options at 9c, its first oil and gas investment. It would also get a priority 25% Derby Block farm-in for $1.75m. Subject to final contracts.
What it means for a shareholder
120m new shares at A$0.035 to raise about A$4.2m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00522% to 0.00428% of the company. To keep it you'd need 6,262 more shares - about A$219 at the issue price.
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7 Nov 2012joint venture update● Neutral
Green Rock calls the East Blina-1 result disappointing, with no recoverable hydrocarbons, but says securing its 20% Backreef interest was achieved. It sees further Backreef prospects and a Buru well nearby in 2013. Not Oil Basins' own announcement.
31 Oct 2012drilling result▼ Bad
Oil Basins' own release, same content as the Green Rock lodgement: East Blina-1 logs show all zones water wet, so the well is being plugged and abandoned. Farm-in commitments are complete. No new information beyond ref 1.
31 Oct 2012drilling result▼ BadMajor
East Blina-1 logs show all zones water wet, so no further testing; the well is being plugged and abandoned. This ends the oil hopes from the earlier Laurel shows. The company says the data extends the reservoir zone 3.7 km to Backreef-1 and helps pick future targets.
31 Oct 2012quarterly activities report● Neutral
September quarter report restates East Blina-1 as commercially unsuccessful though useful data was gained, and the Bass Strait Oil court loss. Cyrano resource studies are due for completion in November 2012. Backreef-1 remains a non-commercial oil discovery.
31 Oct 2012quarterly activities report● Neutral
Cash fell to $3.07m at 30 September 2012 from $4.02m, after $1.41m of operating and investing outflows including $478k on equity investments. Next-quarter outlay is estimated at $2.35m. Shares on issue are 547.6m; no debt.
30 Oct 2012drilling progress report● Neutral
Green Rock re-lodges Oil Basins' fourth East Blina-1 report: total depth 1,195m reached, with hydrocarbon shows in the Laurel Formation but none in the Yellow Drum cuttings. Wireline logs will decide. Farm-in commitments are now complete.
