Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2007investor presentation● Neutral
September 2007 presentation restates the strategy and portfolio. It shows cash of $0.91m, market capitalisation of $3.75m at 11c, and 33.884m shares with 67.154m fully diluted. Nothing new beyond known facts.
1 Aug 2007capital raising announcement● Neutral
Backreef Resources, the Canning Basin partner, lodges a prospectus to raise up to $8.0m at 20c a share (minimum $6.0m), with listing expected 27 September 2007. Oil Basins shareholders get priority on up to 5m shares. This is not an Oil Basins raising; Oil Basins does not endorse the prospectus.
29 June 2007joint venture update● NeutralMajor
Operator Backreef Oil has been granted 100% of drilling reservation DR9 (formerly 1/06-7), where Oil Basins can earn 20%. Selene-1 may be drilled in late 2007 after heritage approval. Oil Basins now plans to sell part of its Blina Back Reef rights to third parties.
28 June 2007investor presentation● Neutral
June 2007 presentation restates the portfolio: 12.5% of Vic/P41, 50% of Blina Back Reef and 20% of Selene, and says eight prospects are drill-ready and available for farm-out. Nothing new beyond known facts.
7 June 2007joint venture update● Neutral
Western Australia approves the Blina Back Reef dealings, giving Oil Basins legal rights to 35% and the right to reach 50%. It splits 35% of that into three subsidiaries holding 5%, 10% and 15%, to make farm-in easier, and invites farm-in partners.
31 May 2007other● Neutral
Notice that 750,000 shares and 16,000,000 options are released from escrow on 13 June 2007. Administrative, though the option release is a large share of the 22m escrowed options.
15 May 2007other● Neutral
Notice that 750,000 ordinary shares were released from ASX escrow on 11 May 2007. Administrative only.
1 May 2007joint venture update● Neutral
Operator Bass Strait Oil Company's May 2007 update on Vic/P41 says prospect mapping is finished, with Kipling at 124 MMbbl oil and 620 Bcf gas (P50). Drilling needs a rig, not likely before early 2008, and depends on finding farm-in partners. Oil Basins is shown at 12.5% subject to the farmouts.
2 Apr 2007farm in farm out completion▲ GoodMajor
Oil Basins exercises its option for a further 15% of Blina Back Reef, lifting its rights to 50%. Terratek holds 30% and Backreef Oil 20% as operator. This follows the option extended in December 2006 for a $450,000 drilling contribution.
2 Apr 2007farm in farm out agreement▲ GoodMajor
Oil Basins signs a conditional farm-in to Canning Basin drilling reservation DR 1/06-7: it funds 33% of the Selene-1 well (capped at $2.0m) for a 20% interest. A well may be drilled in late 2007 once native title and approvals are finalised. A new Canning asset.
23 Feb 2007half year report● Neutral
Half-year report to 31 December 2006 shows a net loss of $191,687 (prior year $38,134). The chairman says legal rights to both permits are secure and the company intends to seek farmouts, asset swaps or cash trades to monetise its interests.
7 Feb 2007other● Neutral
Notice that US firm Khandaker Partners has started research coverage of Oil Basins, with a report released 6 February 2007. The announcement gives no content from the report.
23 Jan 2007farm in farm out completion▲ GoodMajor
Oil Basins formally executes a deed assigning it 35% of Blina Back Reef (subject to regulatory approvals), with an option to take a further 15% for $450,000 by 31 March 2007. This completes the October 2006 farm-in and could lift its stake to 50%.
21 Dec 2006farm in farm out agreement● Neutral
Oil Basins extends its option on a further 15% of the Canning Basin Blina Back Reef area to 31 March 2007; the initial option and extension cost $15,000 in total. It notes Arc Energy's planned $2.8m purchase of operator Terratek, which is conditional.
22 Nov 2006investor presentation● Neutral
AGM presentation restating the strategy and portfolio. It notes the share price is about 10 cents (market cap about $3.3m), with heavy selling after relisting that it attributes to holders unable to trade for around 11 years.
16 Oct 2006farm in farm out agreement▲ GoodMajor
The 35% Canning Basin Blina Back Reef farm-in is now formally executed, at a net cost of about $1.05m. Oil Basins also gets an option on a further 15% for $450,000, open to 31 December 2006 and extendable to March 2007. A well is likely in Q2 2007.
14 Sept 2006other● Neutral
Bass Strait Oil Trust notes a dispute, brought by Oil Basins on behalf of royalty holders, over whether royalties are payable on Blackback Field production. A Supreme Court hearing is due this month. This is a new matter for Oil Basins; the quantum is not disclosed.
23 Aug 2006farm in farm out agreement▲ GoodMajor
Oil Basins signs formal farm-ins for 7.5% (Eagle Bay, promote capped at $2,437,500) and 5% (Moby, capped at $1.65m) of Vic/P41, a total of 12.5%. All pre-emptive rights are waived. It pays $500,000 and $333,333 non-refundable down-payments. It only observes JV votes until the caps are paid.
22 Aug 2006other● Neutral
Top 20 shareholder list at 18 August 2006. The top 20 hold 48.43% of 33.88m shares, led by Doyle with 5.9%. Eagle Bay holds 2.1%.
22 Aug 2006listing compliance notice● Neutral
ASX market release repeating that the suspension will lift before trading on 23 August 2006 under codes OBL and OBLO. Adds nothing beyond the circular.
22 Aug 2006farm in farm out agreement● Neutral
Moby confirms the formal 5% Vic/P41 farm-in with Oil Basins: it funds 12.5% of the next well, with promote capped at $1.65m. Moby's stake falls from 30% to 25% once complete, subject to consents.
22 Aug 2006capital raising announcement▲ GoodMajor
The rights issue raised $2,528,000, with the shortfall 54% underwritten by Patersons. Formal farm-ins are signed for 7.5% (Eagle Bay) and 5% (Moby, option exercised) of Vic/P41, giving rights to earn 12.5%. Shares relist 23 August.
22 Aug 2006listing compliance notice▲ GoodMajor
ASX confirms Oil Basins shares return to quotation on 23 August 2006, after suspension since September 1995. Quoted securities are 28.38m shares and 11.47m options at 20 cents; the rest are escrowed.
22 Aug 2006other● Neutral
Top 20 optionholder list at 18 August 2006. Doyle and a McGrath-linked holder each hold 3m options (8.96%); the top 20 hold 60.2% of 33.47m options.
3 July 2006other● Neutral
Chairman warns shareholders to ignore an unauthorised letter from Australian Finance and Securities Group offering to buy shares for a tiny fraction of a cent. The company says it did not authorise it. No change to operations.
27 June 2006capital raising announcement● Neutral
The rights issue closing date is pushed from 30 June to 20 July 2006 after the supplementary prospectus delayed mailing. Farm-in partners and the underwriter agreed to the extension, delaying the planned July relisting.
21 June 2006investor presentation● Neutral
IPO presentation for the 3-for-2 rights issue, seeking up to $6.37m with $2.5m underwritten by Patersons. It repeats the Vic/P41 (7.5% rising to 12.5%) and 35% Canning Basin farm-ins, and notes director Doyle is a Patersons director and sub-underwriter.
16 June 2006admin correction▼ Bad
Cover letter for a supplementary prospectus issued after ASIC raised concerns about the chairman's letter and key features. The replacement text clarifies that prospective resources may range from zero up to the stated amounts.
16 June 2006admin correction● Neutral
Supplementary prospectus replacing the chairman's letter. Prospective resources are restated as a range from zero up to 337.9m barrels of oil or 651bcf of gas across the farm-ins, and possibly no oil or gas at all.
9 June 2006capital raising announcement● NeutralMajor
Corrected Appendix 3B: the 3-for-2 rights issue at $0.20 closes 29 June 2006, underwritten to $2.5m. The chairman's letter cites Vic/P41 (7.5%, up to 12.5%) and a 35% Canning Basin Backreef interest. Minimum subscription gives 33.7m shares.
