Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2011material agreement● NeutralMajor
Oil Basins signed a conditional, non-binding MOU with Advent Energy to use its workover rig and test equipment for a Backreef-1 test from about 21 October. Costs may rise 30-40% over budget. Farm-in interest is reported from several parties.
30 Aug 2011drilling scheduled▲ GoodMajor
Oil Basins plans a cased-hole production test of Backreef-1 around 21 October 2011, conditional on funding, a workover rig MOU and regulator approval. It says the new oil play may cover about 40-60 sq km but gives no resource estimate.
22 Aug 2011capital raising announcement● Neutral
The share purchase plan offer documents were sent on 19 August and the offer is open at 2.5 cents, closing 12 September 2011. Administrative step, no new terms.
15 Aug 2011capital raising announcement● NeutralMajor
Oil Basins announced a share purchase plan at 2.5 cents, a 16.6% discount, for existing holders ($500 to $15,000 each). If fully subscribed it raises about $2.25m from roughly 90m shares, following cash falling to $263,381.
11 Aug 2011other● Neutral
Cover notice pointing to a recorded Investorium presentation by Neil Doyle. No new information.
8 Aug 2011investor presentation● Neutral
August presentation by CEO Neil Doyle repeats the portfolio and the Backreef 'new oil play' pitch. Snapshot: 298.6m shares, 3c price, $9m market cap, cash $0.26m at 30 June, nil debt. No new results.
29 July 2011quarterly activities report● Neutral
June quarter: R3 renewal lodged, award expected in the September quarter. Backreef seismic reprocessing done, interpretation continuing. Vic/P41 renewal due, farm-out talks continue, and Oil Basins is shale gas operator designate for 5/07-8 EP. Largely repeats known facts.
29 July 2011quarterly activities report▼ Bad
June 2011 cash flow report: cash fell to $263,381 from $613,103 over the quarter. Quarter spending was about $357,000 and estimated outflow next quarter is $245,000. Shares on issue 298,555,206; no debt.
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.
29 Apr 2011quarterly activities report▲ Good
March quarter: first booked R3 contingent resources of 0.54/1.52/3.64 MMbbl (1C/2C/3C). Backreef 2D seismic reprocessing continues, with a Backreef contingent estimate hoped for in June quarter. The R3 purchase was approved 4 April, giving 100% title on 8 April.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter: Backreef-1 cost about $4.2m, roughly $1.0m over budget, and is cased and suspended at 1,155m. R3 and Backreef reached 100%. The Vic/P41 2011 well was dropped by the regulator, replaced by seismic inversion studies. LNG Ltd kept 7.5% in the placement.
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 2010quarterly activities report● Neutral
September quarter report restates the rights issue, LNG alliance and Backreef-1 reaching 1,500m and 1,800m, with 223m of continuous hydrocarbon fluorescence. Also notes the R3 purchase at 4.3 cents per share. Largely repeats known facts; no new financial figures in the excerpt.
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.
