Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2009capital raising announcement● Neutral
Oil Basins allots 13.09 million underwritten shortfall shares and 14.46 million options from the rights issue. Applications for a further 30.34 million shares are being processed. The shortfall offer is now closed.
30 Apr 2009quarterly activities report● Neutral
March 2009 quarter: the Backreef agreement was registered on 17 February 2009, securing 80% beneficial rights to 31 October 2010. Oil Basins was registered on title to 25% of Cyrano and DR9 was extended to 30 June 2009. The placement and rights issue are described.
27 Apr 2009capital raising announcement▼ BadMajor
The rights issue raised only $126,535 from 12.65 million shares, against $595,757 sought, leaving a 45.97 million-share shortfall. With shortfall placements the total is $161,520. Patersons underwrites $250,000 and the shortfall offer stays open to 23 July 2009.
25 Mar 2009admin correction● Neutral
Administrative correction: the rights issue ex-date moves to 27 March 2009. All other dates are unchanged.
24 Mar 2009capital raising announcement● Neutral
Rights issue prospectus: 3 new shares per 2 held at $0.01, plus one free $0.015 option per three shares, to raise about $595,757. It closes 23 April 2009 and is underwritten by Patersons only to $250,000. The chairman cites weaker markets and lower oil prices.
24 Mar 2009capital raising announcement● Neutral
Cover letter to shareholders restating the rights issue terms (3 for 2 at $0.01, up to $595,757) and the timetable, with closing on 23 April 2009. Overseas shareholders outside Australia and New Zealand are excluded. No new information.
16 Mar 2009capital raising announcement▼ BadMajor
Oil Basins placed 5 million new shares with sophisticated investors and planned a 3-for-2 renounceable rights issue at $0.01, seeking up to $595,757 before costs. Each three new shares carry a free option at $0.015 expiring 30 June 2012, and proceeds fund working capital and Backreef farmout work.
16 Mar 2009other● Neutral
ASX lifts the suspension of Oil Basins shares and options following the capital raising announcement. Administrative notice.
11 Mar 2009other● Neutral
Oil Basins says capital raising negotiations are still continuing and its securities remain suspended. No terms are given.
9 Mar 2009other● Neutral
At the company's request, Oil Basins shares and options are suspended from quotation pending a capital raising announcement, following a trading halt on 5 March 2009.
18 Feb 2009resource reserve update▲ GoodMajor
An independent geologist's report assesses the Backreef Prospect at a median 270 MMbbl of oil (or 500 Bcf of gas) and also covers Emika in DR9. These are prospective, undrilled estimates, not discoveries. Oil Basins says its Backreef interest was registered in January 2009 and it is now ready to seek a farmout.
13 Jan 2009quarterly activities report● Neutral
December 2008 quarter: Vic/P66 awarded with 17% to Oil Basins, and the Arc settlement gives 80% of Backreef. Vic/P41 had no significant activity. A short-term technical services deal with Strategic Energy was signed. Backreef transfers were still awaiting registration.
12 Dec 2008asset acquisition disposition▲ GoodMajor
Bass Strait Oil announces Vic/P66 has been awarded to a group in which Oil Basins holds 17%, with Bass Strait Oil 60% as operator and Strategic Energy 23%. This confirms the V07-3 bid; the first two years are studies and data work only.
20 Nov 2008agm notice● Neutral
Results of the 20 November 2008 AGM: all five resolutions carried, including the remuneration report, Graeme Menzies' re-election and share and option issue approvals. Approval to issue shares drew 2,149,760 votes against.
20 Nov 2008investor presentation● Neutral
AGM presentation restates the portfolio: 12.5% rights in Vic/P41, 17% of Vic/P66, 80% of Backreef (net 216 MMbbl prospective), 20% of DR9, 50% of EP5/07-8 and 25% of Cyrano. Says the Arc settlement resets the Backreef drilling deadline to 31 October 2010. No new results.
11 Nov 2008joint venture update▲ Good
Oil Basins explains the effect of the 31 October 2008 Arc settlement: it holds rights to 80% of the Backreef Area (the old Blina Back Reef area), with Backreef Oil 20% operator. Buru keeps a one-time 30% back-in, paid at 90% of the Backreef-1 well cost.
31 Oct 2008other● Neutral
Buru re-releases Oil Basins' settlement announcement of the same day, with no additional content. It confirms the Arc and Oil Basins dispute is settled.
31 Oct 2008quarterly activities report● Neutral
September 2008 quarter: the Cyrano 25% was completed (shares issued at 11c), and V07-3 was offered to a consortium including Oil Basins for a 17% interest. The Blina Back Reef interest is flagged as subject to the Arc dispute.
31 Oct 2008material agreement▲ GoodMajor
Oil Basins settles all disputes with Arc and Buru, and withdraws its litigation with no liability admitted and each side bearing its own costs. A new agreement lets Oil Basins (80%) and Backreef (20%) earn 100% of the Backreef Area by drilling Backreef-1 by 31 October 2010. Buru may earn 30% by paying 90% of the well cost.
30 Sept 2008annual report● Neutral
2008 annual report lists rights to 12.5% of Vic/P41, 50% of Blina Back Reef, 20% of DR9, 50% of EP5/07-8 and 25% of Cyrano. It repeats the strategy of farming out assets. The Blina interest is under dispute.
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.
