Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Mar 2012half year report● Neutral
Half-year report to 31 December 2011 restates the portfolio and strategy: Cyrano, Backreef, Canning and Gippsland interests. The Vic/P41 5% transfer is still shown as pending regulator approval. The text excerpt gives no new results.
27 Feb 2012capital raising announcement▲ GoodMajor
Oil Basins placed a further 50 million shares at 3.2 cents to raise $1.6m, a 7% premium to the 30-day average price. It uses the last of the AGM-approved capacity and funds the 2012 program, including the Backreef-1 production test.
What it means for a shareholder
50.0m new shares at A$0.032 to raise about A$1.6m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (31,250 at the issue price), your slice goes from 0.0079% to 0.00702% of the company. To keep it you'd need 3,952 more shares - about A$126 at the issue price.
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16 Feb 2012asset acquisition disposition● Neutral
Moby Oil & Gas says regulator approval for transferring a 5% Vic/P41 interest to Oil Basins has been received, cutting Moby to 25%. This resolves the pending transfer approval.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter report: Backreef-1 production test expected to start April 2012 after rig contracting in February. Oil Basins is seeking farm-in partners for Cyrano and the Canning assets. Vic/P41 renewed; Vic/P66 survey suspended 12 months. Cash $287,757.
31 Jan 2012quarterly activities report▼ Bad
December quarter cash flow shows cash of $287,757, down from $1,022,694, after operating outflows of about $708,000. Planned spend next quarter is $700,000. The $1.25m placement came after quarter end.
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.
31 Oct 2011quarterly activities report● Neutral
September quarter report confirms R3/R1 award, the Cyrano scoping study (extended well test under US$30m) and the Backreef-1 test postponement after Advent Energy deal conditions weren't met. An RPS prospective resources report is due mid-November. SPP raised $1,104,025.
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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