8 Dec 2009investor presentation● Neutral
December 2009 presentation on the Backreef Area, repeating prior assessments: 270 MMbbl median prospective resources, well cost about $2.5m, Backreef-1 to be drilled by 31 October 2010. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Nov 2009investor presentation● Neutral
AGM presentation restating the portfolio: 330 MMBOE net prospective resources, rising to about 413 MMBOE if the conditional Backreef Oil farm-ins succeed. It reports 99.293m shares and 55.127m OBLOA options. Nothing new.
23 Oct 2009annual report● Neutral
Re-release of the 2009 annual report, with the same six-permit portfolio, 330 MMBOE prospective resources and $645,757 raised via placement and rights issue. No new information in the excerpt shown.
20 Oct 2009capital raising announcement▼ Bad
The Canning Basin Oil offer is extended again to 1 December 2009 and the minimum application cut to $2,000 to attract more investors. This is the second extension, and the lower minimum suggests slow take-up (inference).
16 Oct 2009joint venture update▲ Good
Operator Bass Strait Oil announces approval of the Vic/P41 permit variation, which allows further prospect assessment before a drilling commitment. This resolves the deferral application; Oil Basins' 12.5% rights are unchanged. Kipling and Benchley are the key prospects.
1 Oct 2009capital raising announcement● Neutral
The Canning Basin Oil investment offer is extended two weeks to 19 October 2009, citing public holidays and printing and distribution delays. It remains open only to sophisticated investors. The minimum raise has not yet been reached, as far as this notice says (inference).
30 Sept 2009annual report● Neutral
Annual report for the year to 30 June 2009 lists six permits, including 80% of Backreef and 12.5% rights to Vic/P41. It records the Arc Energy dispute win and the 2009 capital raising. Largely restates known facts; financial statements not shown in the excerpt.
17 Sept 2009capital raising announcement▲ GoodMajor
Subsidiary Canning Basin Oil offers sophisticated investors up to 5.95m redeemable 'OilCans' at $1.00 (minimum raise $3.0m) to fund Backreef-1 and Emika-1. If fully raised, Oil Basins is free-carried 65% on Backreef-1 and 28% on Emika-1, with a $400,000 backcost payment.
31 Aug 2009security holder rights change● Neutral
Notice that 33,969,991 listed options exercisable at 20 cents expire on 30 September 2009. The shares closed at 2.4 cents on 28 August, far below the 20-cent exercise price.
17 Aug 2009farm in farm out agreement▲ GoodMajor
Oil Basins signs conditional heads of agreement with Backreef Oil. Subsidiary Canning Basin Oil could earn 25% of Backreef and 25% of DR9 by funding Backreef-1 ($3.0m minimum) and Emika-1 ($6.0m), potentially lifting Oil Basins' stakes to 90% and 53%. It depends on funding and a rig; lapses 31 Dec 2009.
10 Aug 2009listing compliance notice● Neutral
Replying to an ASX query on its June quarter cash burn of $223,799 (cash $301,219), Oil Basins says it can fund its plans, citing one-off payments including $78,000 of final Arc Energy dispute legal costs. It is reviewing capital raising options; farmout talks continue.
2 July 2009director officer appointment● Neutral
Nigel Harvey is appointed a director from 2 July 2009, replacing Graeme Menzies. He is a former Macquarie Bank and JPMorgan energy markets banker with about two decades in energy finance.
1 July 2009director officer appointment● Neutral
Non-executive director Graeme Menzies resigned effective 30 June 2009. No reason is given.
15 May 2009capital raising announcement● Neutral
The final shortfall allotment is made: 30,337,075 shares and 10,112,359 attaching options, plus 15,168,538 placement options. This completes the rights issue shortfall, which the later quarterly report says raised the full $595,757.
What it means for a shareholder
30.3m new shares at about A$0.0196 to raise about A$595,757. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (50,922 at the issue price), your slice goes from 0.0513% to 0.0393% of the company. To keep it you'd need 15,558 more shares - about A$306 at the issue price.
Create a free account to see this worked out for your own holding.
13 May 2009capital raising announcement● Neutral
Oil Basins allots 13.09 million underwritten shortfall shares and 14.46 million options from the rights issue. Applications for a further 30.34 million shares are being processed. The shortfall offer is now closed.
27 Apr 2009capital raising announcement▼ BadMajor
The rights issue raised only $126,535 from 12.65 million shares, against $595,757 sought, leaving a 45.97 million-share shortfall. With shortfall placements the total is $161,520. Patersons underwrites $250,000 and the shortfall offer stays open to 23 July 2009.
25 Mar 2009admin correction● Neutral
Administrative correction: the rights issue ex-date moves to 27 March 2009. All other dates are unchanged.
24 Mar 2009capital raising announcement● Neutral
Rights issue prospectus: 3 new shares per 2 held at $0.01, plus one free $0.015 option per three shares, to raise about $595,757. It closes 23 April 2009 and is underwritten by Patersons only to $250,000. The chairman cites weaker markets and lower oil prices.
24 Mar 2009capital raising announcement● Neutral
Cover letter to shareholders restating the rights issue terms (3 for 2 at $0.01, up to $595,757) and the timetable, with closing on 23 April 2009. Overseas shareholders outside Australia and New Zealand are excluded. No new information.
16 Mar 2009capital raising announcement▼ BadMajor
Oil Basins placed 5 million new shares with sophisticated investors and planned a 3-for-2 renounceable rights issue at $0.01, seeking up to $595,757 before costs. Each three new shares carry a free option at $0.015 expiring 30 June 2012, and proceeds fund working capital and Backreef farmout work.
16 Mar 2009other● Neutral
ASX lifts the suspension of Oil Basins shares and options following the capital raising announcement. Administrative notice.
11 Mar 2009other● Neutral
Oil Basins says capital raising negotiations are still continuing and its securities remain suspended. No terms are given.
9 Mar 2009other● Neutral
At the company's request, Oil Basins shares and options are suspended from quotation pending a capital raising announcement, following a trading halt on 5 March 2009.
18 Feb 2009resource reserve update▲ GoodMajor
An independent geologist's report assesses the Backreef Prospect at a median 270 MMbbl of oil (or 500 Bcf of gas) and also covers Emika in DR9. These are prospective, undrilled estimates, not discoveries. Oil Basins says its Backreef interest was registered in January 2009 and it is now ready to seek a farmout.
12 Dec 2008asset acquisition disposition▲ GoodMajor
Bass Strait Oil announces Vic/P66 has been awarded to a group in which Oil Basins holds 17%, with Bass Strait Oil 60% as operator and Strategic Energy 23%. This confirms the V07-3 bid; the first two years are studies and data work only.
20 Nov 2008investor presentation● Neutral
AGM presentation restates the portfolio: 12.5% rights in Vic/P41, 17% of Vic/P66, 80% of Backreef (net 216 MMbbl prospective), 20% of DR9, 50% of EP5/07-8 and 25% of Cyrano. Says the Arc settlement resets the Backreef drilling deadline to 31 October 2010. No new results.
11 Nov 2008joint venture update▲ Good
Oil Basins explains the effect of the 31 October 2008 Arc settlement: it holds rights to 80% of the Backreef Area (the old Blina Back Reef area), with Backreef Oil 20% operator. Buru keeps a one-time 30% back-in, paid at 90% of the Backreef-1 well cost.
31 Oct 2008other● Neutral
Buru re-releases Oil Basins' settlement announcement of the same day, with no additional content. It confirms the Arc and Oil Basins dispute is settled.
31 Oct 2008material agreement▲ GoodMajor
Oil Basins settles all disputes with Arc and Buru, and withdraws its litigation with no liability admitted and each side bearing its own costs. A new agreement lets Oil Basins (80%) and Backreef (20%) earn 100% of the Backreef Area by drilling Backreef-1 by 31 October 2010. Buru may earn 30% by paying 90% of the well cost.
30 Sept 2008annual report● Neutral
2008 annual report lists rights to 12.5% of Vic/P41, 50% of Blina Back Reef, 20% of DR9, 50% of EP5/07-8 and 25% of Cyrano. It repeats the strategy of farming out assets. The Blina interest is under dispute.