Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2010resource reserve update▲ GoodMajor
A second independent report estimates in-situ coal of 50.6 to 118.2 billion tonnes and gross prospective coal seam gas of 4.3 to 10.0 TCF (mean 6.8). It also estimates unrisked shale gas in place of 106.5 to 527.5 TCF (mean 263.8). Prospective only, with no gas proven.
1 June 2010resource reserve update▲ GoodMajor
An independent coal report finds the Permian Lightjack Formation coal is deep enough for coal seam gas across all of the 50% 5/07-8 EP permit, best near Booran-1 by Derby. Oil Basins' acreage is assessed at up to 2 billion tonnes of potential coal. Desktop study only; Backreef-1 would test coal at a suboptimal 150 m.
4 May 2010farm in farm out agreement● Neutral
Oil Basins, appointed by the Vic/P41 joint venture to manage the farm-out, publishes a permit summary seeking farminees. All partners (Bass Strait Oil 45%, Moby 30%, Strategic 25%, Oil Basins 12.5% rights) want to sell down to fund drilling. No deal yet.
30 Apr 2010quarterly activities report● Neutral
March 2010 quarter: cash about $0.40m. Canning Basin Oil offer closed, with $92,500 converted into shares at 4 cents. Oil Basins named agent to manage the Vic/P41 farm-out, coal seam gas study widened to Backreef, and a PNG subsidiary, Wantok Oil, formed. Backreef rights 90%; DR9 now nil with a 20% option.
22 Apr 2010security holder rights change● Neutral
Oil Basins posted an OBLOA option conversion form on its website so holders could convert options into OBL shares. It said it would process conversions bi-weekly, with completed forms and a cheque posted to its St Kilda office.
13 Apr 2010capital raising announcement▼ BadMajor
Oil Basins closes the Canning Basin Oil offer immediately; applicants totalling $72,500 chose conversion into 1,812,500 shares at 4 cents with free options instead of refunds. The offer raised far below its minimum, so Backreef-1 remains unfunded (inference).
1 Apr 2010regulatory community update● Neutral
Oil Basins restates its coal seam gas operator role at 5/07-8 EP and says it may widen the study to the Backreef Area (80%, rising to 90%), where Backreef-1 is still intended for 2010. No new results or figures.
26 Mar 2010material agreement▲ Good
Oil Basins is appointed designate coal seam gas operator of permit 5/07-8 EP (50/50 with Backreef Oil), agreeing to fund the first $100,000 of studies and seek farminees. Subject to approvals and permit issue; native title dealings stay with Backreef Oil.
16 Mar 2010half year report● Neutral
Half-year to 31 December 2009: net loss $378,579 (prior year $426,923), cash $558,642, no borrowings. Largely restates quarterly highlights; the cash is higher than the quarterly report's circa $0.48m net figure.
18 Jan 2010quarterly activities report● Neutral
December 2009 quarter: net cash about $0.48m, $400,000 placement completed, Vic/P41 well deferred to September 2011, and the Vic/P66 joint venture agreement executed. Backreef rights now effectively 90%. Farmout talks continue with no deal announced.
23 Dec 2009capital raising announcement▲ GoodMajor
Placement of 20 million shares at 2 cents raises $400,000, with a free 1-for-2 option exercisable at 1.5 cents to June 2012. The company says it funds the work program and working capital; this addresses the thin cash flagged earlier.
What it means for a shareholder
20.0m new shares at A$0.020 to raise about A$400,000. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0504% to 0.0419% of the company. To keep it you'd need 10,071 more shares - about A$201 at the issue price.
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17 Dec 2009admin correction● Neutral
Amended re-release of the coal seam methane study announcement; the only visible change is the LNG hub distance, now about 170 km due west of the permit mid-point instead of about 110 km.
16 Dec 2009regulatory community update● Neutral
Oil Basins starts a desktop coal seam methane study of the 5,062 sq km Canning Basin permit 5/07-8 EP (50% interest), with an independent expert report due March 2010. Permit award still awaits native title and other approvals; no work beyond the study.
8 Dec 2009capital raising announcement● Neutral
Canning Basin Oil offer extended to 31 March 2010 with minimum cut from $3.0m to $650,000 (5% net profit interest), $3.5m for 25%. Oil Basins may fund any Backreef-1 shortfall directly; earliest drilling late June quarter 2010. Third change to the offer.
8 Dec 2009investor presentation● Neutral
December 2009 presentation on the Backreef Area, repeating prior assessments: 270 MMbbl median prospective resources, well cost about $2.5m, Backreef-1 to be drilled by 31 October 2010. No new results.
25 Nov 2009investor presentation● Neutral
AGM presentation restating the portfolio: 330 MMBOE net prospective resources, rising to about 413 MMBOE if the conditional Backreef Oil farm-ins succeed. It reports 99.293m shares and 55.127m OBLOA options. Nothing new.
30 Oct 2009quarterly activities report● Neutral
September 2009 quarter: Vic/P41's well commitment is confirmed varied to September 2011. Carnarvon (Cyrano) farmout talks have ended. Conditional Backreef Oil agreements and the Canning Basin Oil raising were launched; Gippsland and Canning farmout talks continue.
23 Oct 2009annual report● Neutral
Re-release of the 2009 annual report, with the same six-permit portfolio, 330 MMBOE prospective resources and $645,757 raised via placement and rights issue. No new information in the excerpt shown.
20 Oct 2009capital raising announcement▼ Bad
The Canning Basin Oil offer is extended again to 1 December 2009 and the minimum application cut to $2,000 to attract more investors. This is the second extension, and the lower minimum suggests slow take-up (inference).
16 Oct 2009joint venture update▲ Good
Operator Bass Strait Oil announces approval of the Vic/P41 permit variation, which allows further prospect assessment before a drilling commitment. This resolves the deferral application; Oil Basins' 12.5% rights are unchanged. Kipling and Benchley are the key prospects.
1 Oct 2009capital raising announcement● Neutral
The Canning Basin Oil investment offer is extended two weeks to 19 October 2009, citing public holidays and printing and distribution delays. It remains open only to sophisticated investors. The minimum raise has not yet been reached, as far as this notice says (inference).
30 Sept 2009annual report● Neutral
Annual report for the year to 30 June 2009 lists six permits, including 80% of Backreef and 12.5% rights to Vic/P41. It records the Arc Energy dispute win and the 2009 capital raising. Largely restates known facts; financial statements not shown in the excerpt.
17 Sept 2009capital raising announcement▲ GoodMajor
Subsidiary Canning Basin Oil offers sophisticated investors up to 5.95m redeemable 'OilCans' at $1.00 (minimum raise $3.0m) to fund Backreef-1 and Emika-1. If fully raised, Oil Basins is free-carried 65% on Backreef-1 and 28% on Emika-1, with a $400,000 backcost payment.
31 Aug 2009security holder rights change● Neutral
Notice that 33,969,991 listed options exercisable at 20 cents expire on 30 September 2009. The shares closed at 2.4 cents on 28 August, far below the 20-cent exercise price.
17 Aug 2009farm in farm out agreement▲ GoodMajor
Oil Basins signs conditional heads of agreement with Backreef Oil. Subsidiary Canning Basin Oil could earn 25% of Backreef and 25% of DR9 by funding Backreef-1 ($3.0m minimum) and Emika-1 ($6.0m), potentially lifting Oil Basins' stakes to 90% and 53%. It depends on funding and a rig; lapses 31 Dec 2009.
10 Aug 2009listing compliance notice● Neutral
Replying to an ASX query on its June quarter cash burn of $223,799 (cash $301,219), Oil Basins says it can fund its plans, citing one-off payments including $78,000 of final Arc Energy dispute legal costs. It is reviewing capital raising options; farmout talks continue.
30 July 2009quarterly activities report● Neutral
June 2009 quarter: the rights issue raised a gross $595,757, and Oil Basins says it is readying to fund and drill Backreef-1 and possibly Emika-1 in late 2009, with no obligation to do so. Confidential Vic/P41 and Canning farmout talks continue, with no deal yet announced.
2 July 2009director officer appointment● Neutral
Nigel Harvey is appointed a director from 2 July 2009, replacing Graeme Menzies. He is a former Macquarie Bank and JPMorgan energy markets banker with about two decades in energy finance.
1 July 2009director officer appointment● Neutral
Non-executive director Graeme Menzies resigned effective 30 June 2009. No reason is given.
15 May 2009capital raising announcement● Neutral
The final shortfall allotment is made: 30,337,075 shares and 10,112,359 attaching options, plus 15,168,538 placement options. This completes the rights issue shortfall, which the later quarterly report says raised the full $595,757.
What it means for a shareholder
30.3m new shares at about A$0.0196 to raise about A$595,757. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (50,922 at the issue price), your slice goes from 0.0513% to 0.0393% of the company. To keep it you'd need 15,558 more shares - about A$306 at the issue price.
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