Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 July 2011joint venture update● Neutral
From 12 July 2011, Oil Basins is Designate unconventional shale gas operator of permit 5/07-8 EP, to be held 50/50 with Backreef Oil on award; Oil Basins will seek farm-in partners. Native title mediation is progressing. Company says shale gas volumes are very hard to quantify.
20 June 2011regulatory community update● Neutral
About 190km of vintage Backreef 2D seismic is reprocessed, and early results show several possible oil 'features of interest' in the Kimberley Downs Embayment. Mapping continues in July; further studies likely finish after July, so operating decisions slip towards later in 2011.
4 Apr 2011investor presentation● Neutral
April presentation repeats the March deck and adds the new Cyrano figures (P50 10.13 MMbbl in place). Snapshot: 3.7c price, $11.0m market cap, about $0.9m cash, nil debt. Nothing new.
1 Apr 2011resource reserve update▲ GoodMajor
RPS Energy's independent evaluation lifts Cyrano oil in place (R3, 100% owned) to P50 10.13 MMbbl (P90 5.42, P10 18.19) from the earlier 4.36 MMbbl. The directors call it a major upgrade; recovery factors still need improving to matter.
22 Mar 2011investor presentation● Neutral
March investor presentation repeats the portfolio, the Backreef-1 'new oil play' and corporate snapshot (298.0m shares, 3.0c, about $1.0m cash, nil debt). Notes R3 data is being assessed by RPS Energy. No new results.
16 Mar 2011half year report● Neutral
Half-year to 31 December 2010: loss of $405,032 versus $378,579 a year earlier. Directors report no significant changes in state of affairs. Restates 100% Backreef and R3 and the LNG alliance. Excerpt shows no other financial figures.
7 Mar 2011other● Neutral
Notice of a Boardroom Radio audio broadcast with CEO Neil Doyle on 7 March 2011, repeating the company presentation. No new information.
1 Mar 2011investor presentation● Neutral
Conference presentation by CEO Neil Doyle repeating the strategy and Backreef-1 'new oil play' pitch. Shows 298.0m shares, 3.0c price, $9m market cap, about $1.0m cash and nil debt. No new results.
14 Jan 2011capital raising announcement● NeutralMajor
Oil Basins placed 28 million shares at 3.0 cents to raise $840,000, with a free 1-for-4 OBLOA option (1.5c, expiring 30 June 2012). Funds the Backreef-1 technical assessment and working capital. Priced below the 4.0c noted in December.
What it means for a shareholder
28.0m new shares at A$0.030 to raise about A$840,000. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0124% to 0.0112% of the company. To keep it you'd need 3,463 more shares - about A$104 at the issue price.
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13 Jan 2011regulatory community update● Neutral
Backreef-1 cost about $4.2m. The WA regulator has asked for a formal resources assessment of the potential oil pool, and Weatherford says it is too early to call a commercial discovery. Vintage seismic reprocessing is due in the March quarter 2011, and confidentiality agreements are signed with possible farm-in partners.
13 Dec 2010other● Neutral
Oil Basins files its updated securities trading policy, setting blackout periods for directors and key staff. Administrative compliance notice with no bearing on operations.
7 Dec 2010investor presentation● Neutral
Resource Stocks 20:20 presentation repeating the same slides as the earlier December conference deck: 269.4m shares, 4.0 cent price, nil debt, about $0.75m cash. No new information.
2 Dec 2010investor presentation● Neutral
December conference presentation repeats the 2010 highlights and the Backreef-1 oil play. Snapshot shows 269.4m shares, market cap about $10.2m at 4.0 cents, nil debt and about $0.75m cash after assuming a $4.2m well cost.
29 Nov 2010resource reserve update▲ GoodMajor
Weatherford's log assessment of Backreef-1 estimates about 39.2m of possible net oil pay in the 915-965m zone, but only about 3.9m of risked unstimulated moveable oil. The company calls it a potential new oil play; no contingent resource is yet established, and testing is targeted for late Q2 2011.
29 Nov 2010investor presentation● Neutral
AGM presentation recaps 2010 highlights: the $5.3m rights issue, Backreef-1, R3 and 100% of Backreef Area. It calls the new oil play a potential 'company maker'. Repeats known facts.
23 Nov 2010farm in farm out completion▲ GoodMajor
Backreef-1 reached 1,500m by the deadline, so Oil Basins has earned its interest, and will issue 2 million shares to Backreef Oil to take its beneficial interest in the Backreef Area to 100%. This lifts the stake from the 90% earned earlier.
1 Nov 2010drilling result● NeutralMajor
Backreef-1 was deepened to 1,800m, then plugged back and cased and suspended at 1,155m. Logs suggested a possible 77m gross oil column (917-994m), but only three valid pressure tests were obtained in the zones of interest, so reservoir quality remained in doubt.
29 Oct 2010annual report● Neutral
Full annual report for the year to 30 June 2010, including the directors' report, financial statements and governance statement. The excerpt shown covers the portfolio and LNG alliance already known and contains no financial figures. It appears to be a re-release of the earlier annual report.
28 Oct 2010drilling progress report● Neutral
Backreef-1 reached a revised total depth of 1,800m on 27 October, as approved by the WA regulator, and electric logging began on 28 October. Results will be released once logs are analysed.
25 Oct 2010drilling progress report▲ GoodMajor
Backreef-1 reached 1,500m on 24 October, meeting the farm-in condition, so Oil Basins now earns 90% beneficial interest and operatorship (subject to consents). Patchy oil fluorescence was seen in the Lower Laurel and Yellow Drum Equivalent; to be assessed by logs. TD revised to 1,650m.
22 Oct 2010drilling progress report● Neutral
Backreef-1 drilled from 744m to 963m with the 8.5-inch bit, with formation tops running close to prediction. Drilling ahead toward the 1,500m farm-in deadline of 31 October. No new hydrocarbon result reported.
22 Oct 2010investor presentation● Neutral
October conference presentation restates the portfolio, now showing 100% of R3, the $5.3m rights issue and Backreef-1 being drilled. Lists 265.5m shares and market cap about $12.5m at 4.5 cents. Mostly known facts.
21 Oct 2010drilling progress report● Neutral
Blowout preventers were tested by 20 October and Backreef-1 resumed drilling with the 8.5-inch bit at 744m around 7:30am on 21 October. No new geological result.
19 Oct 2010asset acquisition disposition▲ GoodMajor
Oil Basins buys Tap's remaining 75% of Retention Lease R3 (Cyrano oil discovery, Carnarvon Basin) for $300,000 cash and 2.0m shares, lifting its interest from 25% to 100%. Cyrano holds about 1.45 MMbbl 2P and is currently seen as uneconomic stand-alone.
19 Oct 2010asset acquisition disposition● Neutral
Tap Oil's own release of its sale of its 75% of R3 to Oil Basins, attaching Oil Basins' announcement. Tap says the lease with the stranded Cyrano field is not a key focus for it. Duplicates the Oil Basins release.
18 Oct 2010drilling progress report● Neutral
About 250mm of rain cost 46 hours; casing was cemented at 742.7m on 18 October. Drilling is expected to resume around 20 October after blowout preventer and pressure testing.
14 Oct 2010drilling progress report▼ Bad
Backreef-1 was deepened to 741m to find a suitable casing point and is preparing to run casing. Heavy rain has damaged the access road and may delay operations.
12 Oct 2010drilling spud● NeutralMajor
Backreef-1 spudded at 2:30pm on 11 October and was at 204m by the next morning, drilling ahead in the Noonkanbah Formation. No coals were seen in the Liveringa Formation.
11 Oct 2010drilling scheduled● Neutral
DMP approved drilling on 8 October and Backreef-1 is due to spud on 12 October. Cost estimate has risen to about $2.9m dry hole ($3.3m success) from $1.9m, due to higher mobilisation and service costs. Target is Clanmeyer sands near 1,500m.
24 Sept 2010capital raising announcement▲ GoodMajor
The board allots the full 80.9m-share shortfall plus 20.2m options, so the rights issue ends up raising $5,286,374 before costs. This completes the funding for Backreef-1, resolving the earlier shortfall.
