Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Oct 2010drilling progress report▲ GoodMajor
Backreef-1 reached 1,500m on 24 October, meeting the farm-in condition, so Oil Basins now earns 90% beneficial interest and operatorship (subject to consents). Patchy oil fluorescence was seen in the Lower Laurel and Yellow Drum Equivalent; to be assessed by logs. TD revised to 1,650m.
22 Oct 2010drilling progress report● Neutral
Backreef-1 drilled from 744m to 963m with the 8.5-inch bit, with formation tops running close to prediction. Drilling ahead toward the 1,500m farm-in deadline of 31 October. No new hydrocarbon result reported.
22 Oct 2010investor presentation● Neutral
October conference presentation restates the portfolio, now showing 100% of R3, the $5.3m rights issue and Backreef-1 being drilled. Lists 265.5m shares and market cap about $12.5m at 4.5 cents. Mostly known facts.
21 Oct 2010drilling progress report● Neutral
Blowout preventers were tested by 20 October and Backreef-1 resumed drilling with the 8.5-inch bit at 744m around 7:30am on 21 October. No new geological result.
19 Oct 2010asset acquisition disposition▲ GoodMajor
Oil Basins buys Tap's remaining 75% of Retention Lease R3 (Cyrano oil discovery, Carnarvon Basin) for $300,000 cash and 2.0m shares, lifting its interest from 25% to 100%. Cyrano holds about 1.45 MMbbl 2P and is currently seen as uneconomic stand-alone.
19 Oct 2010asset acquisition disposition● Neutral
Tap Oil's own release of its sale of its 75% of R3 to Oil Basins, attaching Oil Basins' announcement. Tap says the lease with the stranded Cyrano field is not a key focus for it. Duplicates the Oil Basins release.
18 Oct 2010drilling progress report● Neutral
About 250mm of rain cost 46 hours; casing was cemented at 742.7m on 18 October. Drilling is expected to resume around 20 October after blowout preventer and pressure testing.
14 Oct 2010drilling progress report▼ Bad
Backreef-1 was deepened to 741m to find a suitable casing point and is preparing to run casing. Heavy rain has damaged the access road and may delay operations.
12 Oct 2010drilling spud● NeutralMajor
Backreef-1 spudded at 2:30pm on 11 October and was at 204m by the next morning, drilling ahead in the Noonkanbah Formation. No coals were seen in the Liveringa Formation.
11 Oct 2010drilling scheduled● Neutral
DMP approved drilling on 8 October and Backreef-1 is due to spud on 12 October. Cost estimate has risen to about $2.9m dry hole ($3.3m success) from $1.9m, due to higher mobilisation and service costs. Target is Clanmeyer sands near 1,500m.
24 Sept 2010capital raising announcement▲ GoodMajor
The board allots the full 80.9m-share shortfall plus 20.2m options, so the rights issue ends up raising $5,286,374 before costs. This completes the funding for Backreef-1, resolving the earlier shortfall.
22 Sept 2010drilling scheduled▲ Good
Oil Basins signs the drilling contract with Hunt Energy for Rig 3, which is being mobilised from the Amadeus Basin. Backreef-1 is expected to spud around 6 October 2010, with about 10 days to reach 1,600m.
16 Sept 2010capital raising announcement▼ BadMajor
Rights issue closed 13 September with only $2,071,062 raised for 51.8m shares, well short of the $5.26m target. A shortfall of 80.9m shares remains, with about 79.8m underwritten by Patersons.
9 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010 reviews the portfolio, the 9 August LNG alliance and the planned Backreef-1 well to 1,500m by 31 October. The excerpt shown contains no financial figures.
6 Sept 2010investor presentation● Neutral
September presentation on the Canning Basin and Backreef-1 wildcat restates the 90% beneficial rights, the 31 October deadline, Buru's 30% back-in right and the roughly $1.9m dry-hole cost. No new information.
6 Sept 2010drilling scheduled▲ GoodMajor
Oil Basins conditionally commits to drill Backreef-1 to 1,600m, signs a letter of intent for Hunt Energy Rig 3, and lodges its drilling approval application. Spud is targeted for early October; dry-hole cost about $1.9m, conditional on the rights issue raising $5.262m.
31 Aug 2010capital raising announcement● Neutral
Company confirms the rights issue prospectus and application forms were sent to eligible shareholders and attaches the prospectus. Offer terms (1-for-1 at 4 cents, Patersons underwritten, closing 13 September) are unchanged.
18 Aug 2010capital raising announcement● Neutral
Letter to holders sets out the 1-for-1 rights issue at 4 cents (record date 26 Aug, closing 13 Sept), raising $5,261,810 with free 4-cent options. Option holders must exercise by 24 August to participate. Repeats terms already announced.
17 Aug 2010capital raising announcement▲ GoodMajor
Oil Basins announces a fully underwritten 1-for-1 rights issue at 4 cents raising $5,261,810, with one free 4-cent option (expiry June 2014) per four shares. Underwritten by Patersons; funds Backreef-1 drilling to earn 90%, gas assessment and native title work. Closes 13 September.
17 Aug 2010investor presentation● Neutral
August presentation covers the portfolio, coal seam and shale gas potential, the LNG alliance and the rights issue. Lists 131,545,267 shares, cash about $0.42m and a market value of $8.7m at 6.6 cents. Repeats known facts.
17 Aug 2010listing compliance notice● Neutral
ASX lifts the suspension of Oil Basins shares and options immediately after the rights issue announcement. Administrative only.
17 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the 1-for-1 rights issue at 4 cents to raise about $5,261,810, conditionally underwritten by Patersons, with free 4-cent options expiring 30 June 2014. Repeats the terms already announced; offer closes 13 September 2010.
16 Aug 2010listing compliance notice● Neutral
Following a trading halt on 12 August, Oil Basins requests suspension of its shares and options pending an announcement about raising finance for operations. Suspension lasts until the announcement or the start of trading on 18 August.
10 Aug 2010material agreement▲ GoodMajor
Oil Basins signs a non-exclusive alliance with Liquefied Natural Gas Ltd, the placement investor (4.94%), to evaluate a Canning Basin LNG facility. Oil Basins may invest up to 20% at cost, rising to 30% if 2P reserves of at least 1.0 TCF are certified within 4 years.
10 Aug 2010material agreement● Neutral
Liquefied Natural Gas Ltd's own release of the same alliance, describing a Kimberley LNG project using Canning Basin gas, including Oil Basins' acreage. It confirms a 4.9% shareholding. Largely duplicates Oil Basins' announcement.
5 Aug 2010price query● Neutral
ASX queried a rise from 4.5 cents to a high of 8.1 cents. Oil Basins says it knows of no undisclosed information and points to the quarterly report's Backreef-1 preparations and the 6.5m-share strategic placement.
2 Aug 2010admin correction● Neutral
Re-release of the 30 July June quarterly report because Table 2a was accidentally left out when converted to PDF. Content otherwise the same; no new information.
30 July 2010quarterly activities report● Neutral
June 2010 quarter: farm-out talks held on Gippsland and Canning interests with no deal; Backreef-1 now has three objectives, to be drilled to 1,500 m by 31 October 2010, with Backreef Oil asked to prepare. Placement of 6.5m shares (about 4.94%) done; net cash about $0.442m.
27 July 2010capital raising announcement▲ GoodMajor
Oil Basins places 6.5 million shares at 4 cents to one exempt investor, raising $260,000. Funds are for working capital and further coal seam and shale gas work in the Canning Basin. The investor is not named here.
What it means for a shareholder
6.5m new shares at A$0.040 to raise about A$260,000. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.02% to 0.019% of the company. To keep it you'd need 1,302 more shares - about A$52 at the issue price.
Create a free account to see this worked out for your own holding.
12 July 2010investor presentation● Neutral
Presentation at the Resources Victoria conference repeats the portfolio, the 8 July coal seam and shale gas findings, and the revised Backreef-1 plan. Restates known facts; no new announcement.
