Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Sept 2008other● Neutral
Oil Basins starts a further urgent Supreme Court action over Arc's default notice and the force majeure claim, to be heard by 6 October 2008. Arc has undertaken not to act on the default notice until then. Oil Basins says the costs claim should not be substantial.
17 Sept 2008other▼ Bad
Buru reports the Federal Court ordered Oil Basins to pay Arc's costs for a failed bid to adjourn the Arc scheme, with the judge saying the Supreme Court claims lacked supporting material and obvious legal merit. This is Buru's account, and it is adverse to Oil Basins.
9 Sept 2008asset acquisition disposition● Neutral
Oil Basins completes the two Cyrano purchases, with partner consents obtained and registration expected shortly. Total cost is $66,667 cash plus 833,333 new shares, giving 25% of R3 alongside Tap Oil's 75%.
2 Sept 2008joint venture update● Neutral
Oil Basins says legal title to L6 and EP129 has not passed to Buru, contrary to Buru's sale announcement, because no new deed of covenant has been signed. It notes the permits are subject to its court action.
2 Sept 2008debt default or forbearance▼ BadMajor
Buru disputes the force majeure claim and says Oil Basins and Backreef missed the 31 August deadline to fund Backreef-1. Arc will treat it as a default, and unless remedied within 10 business days, the farm-in interests would be lost.
1 Sept 2008joint venture update▼ Bad
Oil Basins and Backreef Oil give force majeure notice, saying Backreef-1 cannot be drilled by the 31 August 2008 due date. Obligations are suspended until consents, Arc's covenant compliance and a rig are in place. This is a further delay to the well.
11 Aug 2008other▲ Good
The Federal Court lets Oil Basins pursue its Arc claims against Buru Energy as well, limiting Buru to defences Arc could have raised. Oil Basins calls it significant. The Arc scheme itself was still approved (per later Buru release).
7 Aug 2008security holder rights change● Neutral
4,000,000 shares and 6,000,000 options (exercisable at $0.20, expiring 30 September 2009) are due to be released from ASX escrow on 23 August 2008. Administrative notice.
4 Aug 2008other▼ Bad
Arc Energy calls Oil Basins' claim baseless and vexatious and says it will defend vigorously. It says the action does not affect its merger with AWE or the Buru demerger, with meetings set for 5 August.
4 Aug 2008material agreement▲ Good
Oil Basins and Backreef Oil sign a Deed of Covenant with Arc, reaffirming their Blina Back Reef farm-in rights ahead of the Buru demerger. Arc must not transfer the permits without the assignee agreeing to be bound. Oil Basins says it is separate from the lawsuit.
1 Aug 2008other▼ BadMajor
Oil Basins sues Arc Energy in the WA Supreme Court, alleging Arc misused confidential Canning Basin information when it bought Terratek in 2006. It seeks transfer of Terratek and permits L6, EP129 and others, or damages. This puts the Blina partner relationship in dispute.
11 July 2008asset acquisition disposition● NeutralMajor
Oil Basins agrees to buy a further 10% of the undeveloped Cyrano oil field (R3) from a Norwest subsidiary for $26,667 plus 333,333 shares (about $60,000), lifting its stake to 25% once approvals are met. Operator Tap Oil does not plan development.
3 July 2008joint venture update▲ Good
Oil Basins agrees drilling protocols with Arc Energy's subsidiary, the permit holder of L6, for the Backreef-1 well, which the operator plans to 1,600m depth. This clears a procedural step toward drilling; no spud date is given in the text shown.
17 June 2008drilling scheduled● NeutralMajor
Remapping turns the Selene prospect in DR9 (Oil Basins 20%) into the deeper Emika prospect, with a 2,400m target. Emika-1 is budgeted at $2.7m, with Oil Basins' share about $800,000. It could be drilled in Q3 or Q4 2008 if a rig is secured.
16 June 2008asset acquisition disposition▲ GoodMajor
Oil Basins agrees to buy a 15% interest in the undeveloped Cyrano oil field (Retention Licence R3, Carnarvon Basin) from Black Rock Oil & Gas for $40,000 plus 500,000 shares, about $95,000 in total. Net recoverable is about 150,000 barrels. This is a new asset beyond the Canning and Gippsland basins.
4 June 2008joint venture update▲ Good
Operator says the Vic/P41 survey finished, recording 295 km and meeting the Year 3 work commitment early. Data processing will take several months. Drilling the 3D-defined prospects still depends on a rig, possibly late 2009, and on farmouts.
2 June 2008joint venture update● Neutral
Operator Bass Strait Oil says the 250 km 2D seismic survey in the east of Vic/P41 began 1 June 2008. This is the survey Oil Basins' partners brought forward. A rig slot is not expected before late 2009.
26 May 2008investor presentation● Neutral
Investor presentation seeking farminees for Blina Back Reef. It shows cash of $0.60m, 33.884m shares at 10c and a market capitalisation of about $2.5m (basic), down from $0.905m cash at September 2007.
7 May 2008investor presentation● Neutral
Media presentation on the Backreef prospect, a large stratigraphic trap in the Clanmeyer Formation. It restates the March work and 50% interest; no new result or deal.
4 Apr 2008investor presentation● Neutral
Deal Day presentation for the Blina Back Reef farm-out, showing prospective recoverable resources up to 270 million barrels (undrilled) and a proposed 1,800m well. It repeats the 27 March material and adds farmout terms; no new result.
1 Apr 2008joint venture update▼ BadMajor
Oil Basins says it is 'deal ready' for the Blina farm-out. The Selene-1 (DR9, 20%) farm-in option is extended to the earlier of 60 days after heritage approval or 31 March 2009. The Vic/P41 third-party exclusivity agreement ended with no terms agreed.
27 Mar 2008investor presentation● Neutral
Detailed Canning Basin presentation on the Blina Back Reef play, in which Oil Basins holds rights to 50%, ahead of offering a portion to farminees at the 6 April deal day. It restates the Backreef-1 prospect and prior seismic work; no new result.
12 Mar 2008investor presentation● Neutral
Chairman Kim McGrath is to present a paper titled 'Emerging opportunities in a rapidly evolving upstream sector' at the Victoria Power & Gas Conference on 12 to 14 March 2008. The announcement is a cover note pointing to the website; it contains no new company information.
6 Mar 2008regulatory community update● Neutral
Oil Basins releases an article on a 'new play' in Blina Back Reef after reprocessing two old seismic lines showed a bright spot. It offers 5%, 10% or 15% stakes to farm-in partners ahead of drilling Backreef-1, which is likely by the end of the first half of 2008.
3 Mar 2008half year report● Neutral
Half-year report to 31 December 2007 shows a net loss of $171,366 (prior year $191,687). It repeats the strategy of farmouts, swaps and cash trades across its 8 drill-ready prospects, and adds 50% of the new L07-1 application to its Canning Basin interests.
24 Jan 2008quarterly activities report▼ BadMajor
December 2007 quarterly: Vic/P41's operator failed to attract any farm-in partner by late October, and a rig may not be available until 2009. Oil Basins funded its own peer review and signed an exclusive agreement with a third party over part of its rights. Backreef-1 farm-out is aimed at first half 2008.
19 Dec 2007asset acquisition disposition▲ GoodMajor
Oil Basins and Backreef Oil are notified they were successful in applying for Canning Basin permit area L07-1, about 5,062 sq km, to be held 50/50. Native title negotiations come first, with no significant spending until approvals are in place.
7 Nov 2007investor presentation● Neutral
AGM presentation restates the portfolio and strategy of monetising assets through farmouts. It shows cash of $0.905m at end September 2007 and a $3.75m market capitalisation at 11c. It also notes the Backreef-1 prospect is under technical review by the operator.
27 Sept 2007annual report● Neutral
Annual report for the year to 30 June 2007 says the company consolidated its tenure in the Canning and Gippsland Basins and aims to be 'deal ready' for farmouts. It notes the $2.528m 2006 raising was the only one in the year, and that several other farm-in opportunities were declined.
12 Sept 2007capital raising announcement▼ BadMajor
The Backreef Resources IPO closing date is extended to 10 October 2007, with ASX quotation now expected 25 October. Oil Basins says the Selene-1 and Backreef-1 wells, planned for Q4 2007, now depend on that listing, as no suitable Canning Basin rig is available.
